Huntington Bancshares (HBAN) has reported 21.47 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $208.09 million, or $0.17 a share in the quarter, compared with $171.31 million, or $0.20 a share for the same period last year. Revenue during the quarter surged 35.89 percent to $974.80 million from $717.35 million in the previous year period. Net interest income for the quarter rose 45.11 percent over the prior year period to $729.98 million. Non-interest income for the quarter rose 29.19 percent over the last year period to $312.46 million.
Huntington Bancshares has made provision of $67.64 million for loan losses during the quarter, up 145.23 percent from $27.58 million in the same period last year.
Net interest margin improved 19 basis points to 3.30 percent in the quarter from 3.11 percent in the last year period. Efficiency ratio for the quarter deteriorated to 65.70 percent from 64.60 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We had a good start to the year and are encouraged by the momentum were currently seeing," said Steve Steinour, chairman, president and chief executive officer. “Among our many accomplishments in the first quarter, we successfully completed our data and systems conversion. We are particularly pleased with our ability to retain customer deposits."
Investments stood at $23,804.91 million as on Mar. 31, 2017. Shareholders equity was at $10,437.15 million as on Mar. 31, 2017.
Return on average assets moved down 12 basis points to 0.84 percent in the quarter from 0.96 percent in the last year period. At the same time, return on average equity decreased 220 basis points to 8.20 percent in the quarter from 10.40 percent in the last year period.
Nonperforming assets moved up 25.64 percent or $0.03 million to $0.15 million on Mar. 31, 2017 from $0.12 million on Mar. 31, 2016.
Tier-1 leverage ratio stood at 8.78 percent for the quarter, down from 9.29 percent for the previous year quarter.
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