Huntington Bancshares Q3 Earnings Exceed Consensus On Improved Net Interest Income

Huntington Bancshares Inc HBAN reported third-quarter (Q3) revenues of $1.88 billion, beating the consensus of $1.82 billion. 

Net interest income rose 3% Y/Y, with a net interest margin of 3.20% vs 3.42% a year ago. 

Adjusted EPS of $0.36 beat the consensus of $0.32.

As of Sept. 30, cash and cash equivalents and available contingent borrowing capacity stood at $91 billion.

Average core deposits increased 1% Q/Q, reflecting continued acceleration in consumer deposit gathering and focus on acquiring and deepening primary bank relationships.

Average loans and leases stood at $120.8 billion in the quarter.

CET1 capital ratio stood at 10.10% vs. 9.82% in the prior quarter.

Return on average tangible shareholders’ equity of 19.5% (vs. 19.9% prior year).

Huntington Bancshares "continued expansion of common equity tier 1 capital, which we drove to above 10%," CEO Steve Steinour said in a prepared statement. The firm also delivered "another sequential increase in core deposits," he added, citing a "moderate-to-low risk appetite."

Also Read: Huntington Bancshares Likely To Report Lower Q3 Earnings - Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

Price Action: HBAN shares are trading higher by 1.20% at $10.14 premarket on the last check Friday.