Fifth Third writes down $30 million

Fifth Third Bancorp has announced $30 million impairment after reviewing operating leases on medium and large cabin aircraft. It forced the bank to restate its first-quarter earnings.

The aircraft are on operating leases expiring in 2017 and after.

In a stock exchange statement the bank said: “After applying the appropriate tests under current accounting guidance, it was determined that such recoverability was in doubt and the assets had, in fact, been impaired.”