Earnings Review and Free Research Report: Huntington Bancshares' Revenue Soared 37%; Net Income Climbed 56%

Research Desk Line-up: KeyCorp Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Huntington Bancshares Inc. (NASDAQ: HBAN) (''HBAN''), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HBAN, following the Company's release of its financial results for the second quarter fiscal 2017, on July 21, 2017. The Company's net interest income increased 47% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected KeyCorp (NYSE: KEY) for due-diligence and potential coverage as the Company announced on July 20, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on KeyCorp when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HBAN; also brushing on KEY. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=HBAN
http://protraderdaily.com/optin/?symbol=KEY

Earnings Reviewed

For three months ended June 30, 2017, HBAN's adjusted total revenue increased 37% on a y-o-y basis to $1.08 billion from $787.1 million in Q2 FY16. The total revenue surpassed analysts' expectations of $1.07 billion.

During Q2 FY17, HBAN's adjusted net interest income increased 47% on a y-o-y basis to $756.6 million. The increase was mainly due to an increase in average earning assets and a rise in net interest margin. For the reported quarter, the Company's net interest margin increased 25 basis points on a y-o-y basis to 3.31%.

For the reported quarter, the Company's non-interest income increased 20% on a y-o-y basis to $325.2 million. The increase was attributable to growth in components of income.

For the reported quarter, HBAN's non-interest expense increased 33% to $694.4 million on a y-o-y basis. The increase was due to increase in all components of expense. During Q2 FY17, HBAN's adjusted non-interest expense increased 1.6% to $644 million on a sequential basis, primarily due to the seasonal increase in marketing and the seasonal increase in personnel expense related to the implementation of annual merit increases and long-term incentive grants in the second quarter.

During Q2 FY17, HBAN's net income increased 56% to $271.7 million on a y-o-y basis from $174.5 million in Q2 FY16. For the reported quarter, the Company's diluted EPS increased 21% to $0.23 on a y-o-y basis from $0.19 in the same quarter last year. During Q2 FY17, HBAN's adjusted diluted EPS was $0.26. The adjusted diluted EPS surpassed analysts' expectations of $0.23.

On July 21, 2017, HBAN's Board of Directors declared a quarterly cash dividend of $0.08 per common stock, payable on October 2, 2017, to shareholders of record on September 18, 2017.

During Q2 FY17, HBAN's efficiency ratio decreased 320 basis points on a y-o-y basis to 62.9%

Balance Sheet

As on June 30, 2017, HBAN's cash and cash equivalents increased 75% to $1.52 billion on a y-o-y basis. During Q2 FY17, the Company's average earning assets increased 35.2% to $91.73 billion on a y-o-y basis.

For the reported quarter, HBAN's average core deposits increased 39.3% to $72.29 billion on a y-o-y basis. During Q2 FY17, the Company's average loans and leases increased 29.7% to $67.35 billion on a y-o-y basis.

During Q2 FY17, HBAN's tangible common equity ratio was 7.41% compared to 7.96% in Q2 FY16. For the reported quarter, the Company's common equity tier 1 risk based capital ratio was 9.88%, compared to 9.80% in Q2 FY16.

Credit Quality

For the reported quarter, HBAN's net charge off to average loans and leases ratio was 0.21% compared to 0.13% in Q2 FY16.This was the thirteenth consecutive quarter below the long-term target range of 0.35% to 0.55%. During Q2 FY17, the Company's non-performing assets ratio decreased 32 basis points on a y-o-y basis to 0.61%.

Outlook

For FY17, HBAN is expecting total revenue growth to be over 20% and net charge offs to be below 35–55 basis points. The Company expects effective tax rate to be in the range of 24%-27% for fiscal 2017.

Stock Performance

On Thursday, July 27, 2017, the stock closed the trading session at $13.12, marginally down 0.46% from its previous closing price of $13.18. A total volume of 13.07 million shares have exchanged hands, which was higher than the 3-month average volume of 9.23 million shares. Huntington Bancshares' stock price soared 1.63% in the last one month, 1.00% in the past three months, and 39.28% in the previous twelve months. The stock is trading at a PE ratio of 19.44 and has a dividend yield of 2.44%. The stock currently has a market cap of $14.91 billion.

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