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Mar 31, 2022
Huntington Q1 2022 Earnings Report
Reported first quarter earnings with loan growth and expense reductions driving record PPNR.
Key Takeaways
Huntington Bancshares Incorporated reported a net income of $460 million for the first quarter of 2022, with earnings per share (EPS) at $0.29. The quarter benefited from the TCF acquisition and organic growth, with adjusted EPS at $0.32, excluding notable items.
Earnings per common share (EPS) for the quarter were $0.29, or $0.32 adjusted.
Net interest income increased $14 million, or 1%, from the prior quarter, with net interest margin expansion of 3 basis points to 2.88%.
Noninterest expense decreased $168 million, or 14%, from the fourth quarter to $1.1 billion.
Average total loans and leases increased $1.7 billion, or 2%, to $111.1 billion.
Forward Guidance
Huntington is confident in its outlook for revenue and continued profit growth, with credit performing exceptionally well and a disciplined approach to managing uncertainty in the global macro-environment.
Positive Outlook
- Confident in outlook for revenue.
- Confident in continued profit growth.
- Credit continues to perform exceptionally well.
- Disciplined and proactive approach.
- Well-positioned to manage through uncertainty.
Challenges Ahead
- Uncertainty in the global macro-environment.
- Inflationary tail risks remain.
- Geopolitical tail risks remain.
- Impact of COVID-19 pandemic.
- Volatility in global capital and credit markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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