Huntington Bancshares Q3 EPS unchanged, net interest income up
HBAN•Huntington Bancshares reported Q3 EPS of $0.33, unchanged from the prior quarter, while net interest income rose 1% to $2.07 billion. The company repurchased $100 million in common shares during the quarter.
1. Quarterly results
Huntington Bancshares reported Q3 EPS of $0.33, flat from the prior quarter, and net interest income of $2.07 billion, up 1%. Its CET1 capital ratio was 10.10%.
2. Income and outlook
The company said net interest margin rose due to higher yields on investment securities and lower net funding costs. Noninterest income declined because of lower capital markets fees and unfavorable equity valuation adjustments. Huntington said it is on track to meet its financial targets and expects increasing benefits from its Veritex and Cadence partnerships to support future results.
3. Loans and capital returns
Declines in commercial real estate and consumer loans were offset by higher commercial and industrial loans, affecting average loan balances. Huntington repurchased $100 million in common shares during Q3.
