Huntington Reports Net Income of $547M for Q3
COLUMBUS, Ohio – Huntington Bancshares on Friday reported a net income of $547 million in the third quarter of 2023.
Earnings per common share for the quarter were 35 cents, flat from the prior quarter, and were 4 cents lower than the year-ago quarter.
While net interest income increased by $22 million, or 2%, from the prior quarter, net interest income decreased by $36 million, or 3%, from the third quarter a year ago.
Pre-Provision Net Revenue decreased $4 million from the prior quarter to $798 million, and it decreased $59 million from a year ago. Excluding notable items, the adjusted PPNR increased by $6 million, or 1%, from the prior quarter to $813 million. It decreased $54 million, or 6%, from a year ago.
Cash and cash equivalents and available contingent borrowing capacity was $91 billion as of Sept. 30, which is 204% of uninsured deposits.
Average total deposits increased $2.6 billion from the prior quarter and $2.1 billion from the year-ago quarter, although the ending total deposits were an increase of only $839 million from the prior quarter and $2.6 billion from a year ago. Ending core deposits increased $1.3 billion.
“Huntington is exceptionally well-positioned to thrive as we manage through the dynamic environment,” said Steve Steinour, chairman, president and CEO of Huntington Bancshares. “We continue to deliver on our strategy while taking actions to position the company for sustained growth in the years ahead.”
For the complete report, click HERE.
Published by The Business Journal, Youngstown, Ohio.