Huntington Reports Net Income of $517M in Q3

COLUMBUS, Ohio – Huntington Bancshares Inc. on Thursday reported net income of $517 million for the third quarter of 2024.

Huntington reported an increase of $39 million in net interest income and $32 million in noninterest income for the quarter, up 3% and 7%, respectively, from the second quarter.

The noninterest income was 3% higher than a year ago, but the net interest income was 1% lower.

Average total loans were $124.5 billion, an increase of $1.1 billion, or 3%, from a year ago. Ending total loans increased by $2 billion from the prior quarter.

Average total deposits also increased by $2.9 billion from the prior quarter and 6% from a year ago. Ending total deposits increased by $4 billion from the prior quarter.

“Our third quarter results were highlighted by sequential revenue and profit expansion,” said Steve Steinour, chairman, president and CEO of Huntington. “We drove accelerated loan growth and sustained deposit gathering in the quarter, while actively executing our down-rate action plans. We are also pleased with a very strong performance in our value-added fees businesses.”

Earnings per common share for the third quarter was 33 cents, which was 3 cents higher than the second quarter and 2 cents lower than a year earlier.

The return on average assets was 1.04%; the return on average common equity was 10.8%; and the return on average tangible common equity was 16.2%.

The full report can be viewed HERE.

Huntington’s earnings report came a few days after it reopened its newly renovated branch on Federal Plaza in downtown Youngstown. Huntington also filed a notice of intent with the Office of the Comptroller of Currency on Oct. 10 to close its branch at 3801 Boardman-Canfield Road.

Published by The Business Journal, Youngstown, Ohio.