Huntington Reports Net Income of $559M for Q2
COLUMBUS, Ohio – Huntington Bancshares Inc. reported a net income of $559 million for the second quarter, or 35 cents per common share, down 4 cents from the prior quarter.
The net income is an increase of $20 million, or flat per common share, from the second quarter of 2022.
Huntington further reported a 1.18% return on average assets, a 12.7% return on average common equity and a 19.9% return on tangible common equity.
“We are pleased to deliver solid financial performance for the second quarter,” said Steve Steinour, Huntington’s chairman, president and CEO. “These results reflect the continued execution of our strategy and the strength of our balance sheet. We delivered sustained deposit growth, drove capital ratios higher and managed credit exceptionally well.”
Some other highlights of Huntington’s second quarter report include a $63 million decrease in net interest income, which is 4% lower than the prior quarter, but an increase of $85 million, or 7%, from the second quarter of 2022.
Pre-Provision Net Revenue decreased $42 million, or 5%, from the prior quarter to $802 million, and increased $68 million, or 9%, from the year-ago quarter. Excluding notable items, adjusted PPNR decreased $21 million, or 3%, from the prior quarter to $807 million, and increased $49 million, or 6%, from the same quarter a year ago.
Ending total deposits increased $2.7 billion from the prior quarter and $2.6 billion from the year-ago quarter. Average total deposits decreased $585 million from the prior quarter and $551 million from the year-ago quarter.
Average total loans and leases increased $925 million, or 1%, from the prior quarter to $121.3 billion, and increased 6% from a year ago.
Published by The Business Journal, Youngstown, Ohio.