Two Ohio banks report quarterly results
Cincinnati-based Fifth Third Bancorp says second-quarter profit rose by 15 percent to 376-million dollars, as a sharp drop in writeoffs of unpaid loans enabled the firm to reduce how much it set aside to cover problem lending. Fifth Third wrote off 181 million in unpaid loans, down 40 percent from last year. It set aside 71 million to cover bad debt, down 37 percent from the same period a year ago. Meanwhile, Cleveland based Keycorp reports second quarter profit fell by 3-million to 231-million dollars as it wrote off fewer unpaid loans, and loans and deposits increased. The bank says its loan writeoffs dropped by 43 percent, average loans increased 2 percent, and deposits increased 4 percent.