UPDATE: Huntington Bancshares Posts Higher Q2 Profit

Huntington Bancshares

reported a 9% gain in its second-quarter profit. The bank's quarterly profit surged to $164.6 million, or $0.19 per share, versus a year-ago profit of $151 million, or $0.17 per share. Its revenue rose 4.9% to $716.8 million. However, analysts were projecting earnings of $0.18 per share on revenue of $693 million. Fully-taxable equivalent net interest income rose 8% versus the year-ago quarter. Noninterest income fell less than 1% to $250.1 million, while noninterest expense rose 3% y/y to $458.6 million. The bank's loan portfolio rose 9.1% to $45 billion, while average total core deposits climbed 4%. Its net interest margin came in at 3.28%, versus 3.38% in the year-ago period, and compared to 3.27% in the prior quarter. The bank's board declared a quarterly cash dividend of $0.05 per share. Steve Steinour, chairman, president and CEO said, “We are very pleased with our second quarter performance, which reflects our steadfast focus on executing our strategies.” Huntington Bancshares shares dropped 3.43% to close at $9.30 yesterday.