Huntington Bancshares Incorporated : Reports 2024 Second-Quarter Earnings
HBAN
Analysts: Tim Sedabres ([email protected]), 952.745.2766
Media: Tracy Pesho ([email protected]), 216.276.3301
Q2 Results Highlighted by Expansion of Net Interest Income and Fee Revenues, Accelerating Loan and Deposit Growth, and Strong Credit Quality
2024 Second-Quarter Highlights:
COLUMBUS, Ohio - Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 second quarter of $474 million, or $0.30 per common share, an increase of $55 million, or $0.04, from the prior quarter, and a decrease of $85 million, or $0.05, from the year-ago quarter.
Return on average assets was 0.98%, return on average common equity was 10.4%, and return on average tangible common equity (ROTCE) was 16.1%.
CEO Commentary:
"Our second quarter results were highlighted by an expansion in revenue from the prior quarter, including in both net interest income and noninterest income," said Steve Steinour, chairman, president, and CEO. "We delivered accelerated loan growth in the quarter and continued our trend of increasing deposit balances.
"Huntington is operating from a position of strength given the disciplined management actions the company has sustained over many years. Our liquidity and capital profile is robust and supports our continued focus on executing organic growth initiatives. This proactive approach allows us to support our clients and expand our banking relationships. Over the past three quarters we have invested considerably into numerous new revenue producing opportunities, and these investments are delivering organic growth trends."
"Credit quality continued to perform very well in the quarter and we were pleased with the recent CCAR stress test results which were highlighted by our top quartile performance for stressed credit losses. For nearly a decade Huntington has maintained CCAR credit loss estimates in the top quartile compared to peers with low relative loss estimates. This demonstrates the benefit of our consistent management of our aggregate moderate-to-low risk appetite."
"We are focused on delivering on our long-term strategic goals. Our solid capital levels and robust liquidity profile enable us to continue to deliver accelerated loan growth. This outlook is supported by both our existing and new teams across the company and is expected to drive higher revenues over the second half of the year, with continued momentum into 2025 and beyond."
Conference Call / Webcast Information
Huntington's senior management will host an earnings conference call on July 19, 2024, at 8:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington's website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13747594. Slides will be available in the Investor Relations section of Huntington's website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's website. A telephone replay will be available approximately two hours after the completion of the call through July 26, 2024 at (877) 660-6853 or (201) 612-7415; conference ID #13747594.
Please see the 2024 Second Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.
About Huntington
Huntington Bancshares Incorporated is a $196 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates approximately 970 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
Released July 19, 2024
Disclaimer
Huntington Bancshares Incorporated published this content on 19 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2024 16:54:01 UTC.