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.
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Huntington’s net interest margin jumps to 2.94%
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.
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.
