Huntington Bancshares (NASDAQ:HBAN) has reported second-quarter revenue that was in line with market expectations but earnings that surprised to the upside as it benefitted from rising interest rates and demand for commercial loans.
The Columbus Ohio-based bank holding company grew net interest income (NII) by 7.1% to $1.35 billion over the three months to June 30, 2023, while non-interest income rose 2.1% year-over-year to $495 million.
Pre-provision net revenue for the period increased by 5.4% to $1.84 billion, in line with Wall Street forecasts.
Earnings per share fell 4c to $0.35 but beat the $0.34 consensus estimate of nine analysts, according to Zacks Investment Research.
"These results reflect the continued execution of our strategy and the strength of our balance sheet,” CEO Steve Steinour said in a statement.
“We delivered sustained deposit growth, drove capital ratios higher and managed credit exceptionally well.
The lender lowered its full-year guidance for NII growth to between 3% and 5%, from 6% to 9% previously.
Its shares were 2.6% higher ahead of the market open.
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