Huntington Bancshares Q2 Highlights: EPS Beat, In-Line Revenue & More

Huntington Bancshares Inc HBAN reported Q2 revenues of $1.84 billion, broadly in line with the consensus. 

Net interest income rose 7% Y/Y to $1.35 billion, reflecting an 8% increase in average earning assets, with net interest margin declining 4 basis points Y/Y to 3.11%. 

EPS of $0.35 beat the consensus of $0.34.

As of June 30, 2023, cash and equivalents and available contingent borrowing capacity stood at $88 billion.

Average core deposits declined to $140.7 billion from $141.8 billion a year ago on lower average commercial core deposits.

Average loans and leases rose to $121.3 billion from $113.9 billion, led by growth in average commercial loans and leases. 

CET1 capital ratio stood at 9.82% vs 9.05% a year ago.

Return on average assets stood at 1.18%, with a return on average common equity of 12.7% and a return on average tangible common equity (ROTCE) of 19.9%.

Provision for credit losses rose to $92 million from $67 million the prior year.

Dividend: Yesterday, the company declared a dividend of $0.155 per common share, payable on October 2, 2023, to shareholders of record as on September 18, 2023.

Price Action: HBAN shares are trading lower by 1.35% at $11.69 on the last check Friday.