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Huntington Bancshares
HBAN reported weaker-than-expected earnings for the third quarter.
The Columbus, Ohio-based bank posted a quarterly profit of $155 million, or $0.18 per share, versus a year-ago profit of $178.8 million, or $0.20 per share. The latest quarter included Q3 $22.8 million in expense-related significant items.
Analysts were expecting a profit of $0.19 per share.
Fully-taxable equivalent net interest income rose 10% y/y. Average total core deposits rose 5% y/y.
Noninterest income declined 3%, while noninterest expense rose 13%.
The bank repurchased 5.4 million common shares at an average price of $9.70 per share in the quarter.
The company's board lifted the quarterly dividend to $0.06 per share from $0.05 per share.
“We continued to deliver solid year-over-year revenue growth through the third quarter, while maintaining a disciplined balance sheet. Performance highlights include ongoing strength in commercial and auto lending, which support our expectation of a strong back half of the year driven by solid demand and a quality pipeline,” said Steve Steinour, chairman, president and CEO
Huntington Bancshares shares rose 1.20% to $9.30 in pre-market trading.
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