Q3 Results Highlighted by Sequential Expansion of Net Interest Income and Fee Revenues, Sustained Loan and Deposit Growth, and Strong Credit Quality
2024 Third-Quarter Highlights:
COLUMBUS, Ohio, Oct. 17, 2024 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 third quarter of $517 million, or $0.33 per common share, an increase of $43 million, or $0.03, from the prior quarter, and a decrease of $30 million, or $0.02, from the year-ago quarter.
Return on average assets was 1.04%, return on average common equity was 10.8%, and return on average tangible common equity (ROTCE) was 16.2%.
CEO Commentary:
"Our third quarter results were highlighted by sequential revenue and profit expansion", said Steve Steinour, chairman, president, and CEO. "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."
"Huntington continues to operate from a position of strength given disciplined management actions the company has sustained over many years. Our liquidity and capital are robust and support our continued focus on driving organic growth. We are continuing to acquire and deepen customer relationships, expanding in our existing business and new markets and verticals."
"Credit continues to perform very well, with stable net-charge offs and improved nonperforming asset and criticized asset ratios, consistent with our aggregate moderate-to-low risk appetite. Our customers continue to show strength and resiliency, which supports a constructive outlook."
"We anticipate accelerated loan growth to continue in the fourth quarter, supported by our core businesses and successful execution of new initiatives, which are tracking above plan. Loan pipelines are robust as we enter the fourth quarter, and we believe this growth momentum establishes a foundation for growing revenue and expanded profitability heading into 2025".
The first quarter 2024 earnings materials, including the detailed earnings press release, quarterly financial supplement, and conference call slide presentation, are available on the Investor Relations section of Huntington's website, http://huntington.com/. In addition, the financial results will be furnished on a Form 8-K that will be available on the Securities and Exchange Commission website at www.sec.gov.
Conference Call / Webcast Information
Huntington's senior management will host an earnings conference call on October 17, 2024, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington's website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13749221. Slides will be available in the Investor Relations section of Huntington's website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's website. A telephone replay will be available approximately two hours after the completion of the call through October 25, 2024 at (877) 660-6853 or (201) 612-7415; conference ID #13749221.
Please see the 2024 Third Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.
About Huntington
Huntington Bancshares Incorporated is a $201 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 975 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
View original content to download multimedia:https://www.prnewswire.com/news-releases/huntington-bancshares-incorporated-reports-2024-third-quarter-earnings-302279165.html
SOURCE Huntington Bancshares Incorporated