Huntington Bancshares’ total revenue climbs 7% in fiscal Q4

Written by: Wajeeh Khan
January 22, 2021
  • Huntington Bancshares’ total revenue climbs 7% in fiscal Q4.
  • The bank holding firm's net interest margin jumps to 2.94%.
  • Huntington reports £598.13 million of net income in fiscal 2020.

Huntington Bancshares Inc. (NASDAQ: HBAN) reported £231.35 million of net income in the fiscal fourth quarter on Friday. The company said that it earned 19.77 pence per share that translates to a 4% annualised decline. Huntington’s quarterly report comes a month after the 39th largest U.S. bank said it will acquire TCF Financial for £4.5 billion.

Huntington Bancshares opened about 3% down on Friday but gained close to 1% in the next hour. The price action should come in handy if you’re interested in investing in the stock market.

Huntington’s net interest margin jumps to 2.94%

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Huntington said that its total revenue (fully-taxable) in the recent quarter saw a 7% increase versus the year-ago figure. The bank holding company recorded a 6% year over year growth in net interest income (fully-taxable) in the recent quarter versus a 10% increase in the noninterest income. Net interest margin, it added, jumped to 2.94% – an 18 basis points increase versus the comparable quarter of 2019.

Huntington also said on Friday that its noninterest expense in Q4 jumped 8% on a year over year basis. The Columbus-based firm noted an 8% increase in average loans and leases. Other prominent figures in Huntington’s earnings report on Friday include a 16% growth in average core deposits.

In separate news from the United States, oilfield services company Schlumberger also reported its financial results for the fiscal fourth quarter on Friday.

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CEO Steve Steinour’s comments on Friday

For the full financial year, the U.S. company reported £598.13 million of net income or 50.52 pence per share. Its total revenue (fully-taxable) saw a 3% year over year increase in fiscal 2020. CEO Steve Steinour commented on the financial update on Friday and said:

“Huntington enters 2021 on strong footing with momentum across our businesses. We believe this year provides an important opportunity to advance the strategic positioning and long-term financial performance of the company through investments in technology, digital innovation, marketing, and people, as well as our recently-announced acquisition of TCF Financial. We remain committed to delivering on our purpose to look out for people and executing our strategies to build the leading People-First, Digitally-Powered bank.”

Huntington Bancshares performed fairly downbeat in the stock market last year with an annual decline of roughly 15%. At the time of writing, it is valued at £10.48 billion and has a price to earnings ratio of 19.70.