Huntington Bancshares Incorporated's (NASDAQ:HBAN) profit climbed in the second quarter, topping analysts' expectations.
Earnings and Revenue The company announced EPS of 17 cents a share against the 15 cents a share estimate. The estimates of 21 analysts ranged from profit of 14 cents to profit of 17 cents.
The company's net income for the quarter was $1.53 billion. This is 946.5% higher than the year-ago quarter.
Company Fundamental Trends Last quarter marked the third in a row of rising net income.
History Against Expectations The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of 17 cents versus a mean estimate of net income of 14 cents per share.
Official Comment: "We are very pleased with the quarter. This quarter's financial results reflect relatively stable returns and net interest margin, improving efficiency and credit metrics, and strong growth of loans, deposits, and customer relationships demonstrating the continued benefits from successfully executing our strategic plan," said Stephen D. Steinour, chairman, president and chief executive officer. "At the plan's core remains a differentiated approach to banking, coupled with investing in products and services that are driving an improvement in the stability of our long-term profitability while introducing opportunities for growth."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.