Huntington reports third-quarter net income of $517 million

COLUMBUS, Ohio – Huntington Bancshares Inc. on Thursday reported net income of $517 million for the third quarter of 2024.

Huntington reported an increase in net interest income of $39 million and noninterest income of $32 million for the quarter, up 3% and 7%, respectively, from the second quarter.

Noninterest income was 3% higher than a year ago, but net interest income was 1% lower.

The average total loan amount was $124.5 billion, an increase of $1.1 billion, or 3%, compared to the previous year. Total loans at the end increased by $2 billion compared to the previous quarter.

Average total deposits also increased by $2.9 billion quarter-on-quarter and 6% year-over-year. Total deposits at the end increased by $4 billion compared to the previous quarter.

“Our third quarter results were highlighted by sequential increases in sales and profits,” said Steve Steinour, chairman, president and CEO of Huntington. “We drove accelerated loan growth and sustained deposit collection in the quarter, while actively implementing our rate reduction action plans. We are also pleased with a very strong performance in our value added fee business.”

Earnings per common share were 33 cents in the third quarter, up 3 cents from the second quarter and down 2 cents from a year earlier.

The return on average assets was 1.04%; the return on average share capital was 10.8%; and the return on average tangible share capital was 16.2%.

The full report can be viewed HERE.

Huntington’s earnings report came days after it reopened its newly renovated Federal Plaza branch in downtown Youngstown. Huntington also filed a notice of intent to close its branch at 3801 Boardman-Canfield Road with the Office of the Comptroller of the Currency on Oct. 10.

Published by The Business Journal, Youngstown, Ohio.