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.
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