Huntington Bancshares 4Q interest-free income $515 million > HBAN
Corrections & Amplifications
This headline was corrected at 7:09 a.m. ET because the original version incorrectly stated that the fourth quarter noninterest revenue figure was $1.1 billion. The exact figure is $515 million.
By Kimberly Chin
Huntington Bancshares Inc. on Friday reported higher fourth-quarter profit as revenue and fee income rose on strong commercial lending activity.
The Columbus, Ohio-based banking company, the parent company of Huntington Bank, posted a profit of $401 million, or 26 cents per share, compared with $316 million, or 27 cents per share, a year earlier. On an adjusted basis, earnings were 36 cents per share.
Analysts polled by FactSet had expected earnings of 30 cents per share.
The bank’s net interest income was $1.13 billion, down from $825 million previously. Noninterest revenue was $515 million, down from $409 million, the company said.
Overall revenue increased from $1.24 billion to $1.65 billion. Analysts polled by FactSet were looking for $1.69 billion.
Average core deposits rose 49% to $138 million due to its acquisition of TCF Financial, as well as residual government stimulus balances and better retention, the company said.
“Commercial lending should fuel balance sheet growth in the coming year, while areas of strategic focus such as capital markets, cards and payments, and wealth management should bolster revenue from commissions,” said general manager Steve Steinour.
Write to Kimberly Chin at [email protected]