Huntington profit tops Street on better credit
(Reuters) - Huntington Bancshares Inc (HBAN.O) posted a higher-than-expected quarterly profit as the lender set aside less money to cover soured loans.
Net income for the second quarter rose to $152.7 million, or 17 cents per share, up from $145.9 million, or 16 cents per share.
Analysts had expected the company to earn 15 cents a share, according to Thomson Reuters I/B/E/S.
Net charge-offs fell to $84.2 million from $97.5 million, a year earlier.
"This quarter's financial results reflect relatively stable returns and net interest margin, improving efficiency and credit metrics," Chief Executive Stephen Steinour said in a statement.
The Columbus, Ohio-based bank said it expects net interest income to improve modestly for the rest of the year.
The company also declared a quarterly dividend of 4 cents a share.
Shares of the company, which has a market cap of $5.72 billion, closed at $6.60 on Wednesday on the Nasdaq.
(Reporting by Tanya Agrawal in Bangalore; Editing by Supriya Kurane)