Huntington Bancshares Q2 Highlights: EPS Beat, In-Line Revenue & More
Portfolio Pulse from Lekha Gupta
Huntington Bancshares Inc (NASDAQ:HBAN) reported Q2 revenues of $1.84 billion, in line with consensus. Net interest income rose 7% Y/Y to $1.35 billion. EPS of $0.35 beat the consensus of $0.34. Average loans and leases rose to $121.3 billion from $113.9 billion. Provision for credit losses rose to $92 million from $67 million the prior year. The company declared a dividend of $0.155 per common share. HBAN shares are trading lower by 1.35% at $11.69.
July 21, 2023 | 2:37 pm
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Huntington Bancshares reported Q2 results in line with consensus, with a rise in net interest income and loans and leases. However, provision for credit losses also increased. The company declared a dividend and its shares are trading lower.
Despite reporting Q2 results in line with consensus and declaring a dividend, HBAN shares are trading lower. This could be due to the increase in provision for credit losses, which indicates potential future losses due to bad loans. This could negatively impact the company's profitability and hence the stock price.
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