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| Residential loan production reached a record at Fifth Third Bancorp. Income soared, employment increased and the servicing portfolio grew.
Home loan originations were $6.9 billion in the second quarter, the Cincinnati-based bank reported today. The latest level was a record. Production was $4.9 billion during the previous quarter, while fundings were just $3.3 billion in the second-quarter 2008. The servicing portfolio climbed to $43.5 billion on June 30 from $41.5 billion on March 31. Residential loan assets decreased to $8.5 billion at the end of the second quarter from $8.9 billion, while home-equity holdings eased to $12.5 billion from $12.7 billion at the end of March. Commercial mortgages owned were $12.4 billion, down from $12.6 billion at the end of the first quarter. Commercial construction loans fell to $4.5 billion from $4.7 billion. Mortgage banking net revenue was $147 million, up from the first quarter’s $134 million and $86 million a year earlier. Second-quarter net income was $882 million, a vast improvement from the $50 million first-quarter profit and the $202 million loss during the second-quarter 2008. There were 20,702 full-time equivalent employees at the end of June at Fifth Third, edging up from 20,618 three months earlier. |
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