Cincinnati Ohio Economic Development

Fifth Third named one of world's strongest banks

Business Courier
A new Bloomberg ranking of the world’s 20 strongest banks put Cincinnati’s own Fifth Third Bancorp in the No. 7 spot.

Fifth Third (Nasdaq: FITB) is Cincinnati’s largest bank, with $17.6 billion in local deposits and $113.4 billion in total assets. Bloomberg’s ranking of world’s strongest banks looks at financial institutions with at least $100 billion in assets. It considers five criteria, including Tier 1 capital compared with risk-weighted assets; nonperforming assets compared with total assets; and efficiency, a comparison of costs against revenues.

Fifth Third had an overall score of 21 on the ranking. The world’s strongest bank, according to Bloomberg, is Oversea-Chinese Banking of Singapore, with a score of 11.2. The top five included Svenska Handelsbanken of Sweden, National Bank of Canada, Canadian Imperial Bank of Commerce and DBS Group Holdings of Singapore.

Fifth Third was one of just three U.S. banks on the list. It was joined by JP Morgan Chase & Co. (NYSE: JPM) and Citigroup (NYSE: C).

“The hard work that we’ve done over the past few years has placed us in the position to receive such accolades and for that we’re very proud,” said spokeswoman Stephanie Honan.

For full details, click here.

Read more: Fifth Third named one of world’s strongest banks | Business Courier