COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ:HBAN) reported its second-quarter earnings, delivering a slight beat on both the top and bottom lines.
The company posted earnings of $0.30 per share, $0.02 higher than the analyst consensus of $0.28. Revenue for the quarter was $1.82 billion, marginally surpassing the consensus estimate of $1.81 billion.
In comparison to the same quarter last year, Huntington's earnings per share were down by $0.05, while net interest income saw a 3% decrease, reflecting a challenging interest rate environment. However, the bank did manage to increase its average total loans and leases by 2% and average total deposits by 6% year-over-year (YoY), indicating growth in core business areas.
CEO Steve Steinour highlighted the expansion in revenue from the prior quarter, including gains in both net interest income and noninterest income. He attributed the positive results to accelerated loan growth and an increase in deposit balances. Steinour also emphasized the bank's robust liquidity and capital profile, which supports ongoing growth initiatives and positions the company to capitalize on new revenue-producing opportunities.
Despite the year-over-year decreases, Huntington's revenue and earnings performance reflect a resilient business model. The bank's proactive management and investment in growth initiatives appear to be paying off, with Steinour expressing confidence in the bank's ability to drive higher revenues in the latter half of the year and into 2025.
While the earnings report did not include specific guidance for the upcoming quarters, the CEO's commentary suggests an optimistic outlook for the bank's performance. The bank's strong credit quality, as evidenced by low net charge-offs and a stable nonperforming asset ratio, further supports this positive outlook.
Huntington's achievements were also recognized externally, with the bank being named a 2024 Home Possible RISE Award Winner by Freddie Mac for its efforts in affordable lending solutions. This accolade underscores the bank's commitment to supporting community development and homeownership.
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