Huntington Bancshares 2Q Profit Falls, Revenue About Flat

Huntington Bancshares Inc.’s provision for credit losses fell in the second quarter from the first quarter, but its allowance for bad loans and leases as a percentage of its total topped 2%.
Huntington’s net income was $150 million, or 13 cents a share, down from $364 million, or 33 cents a share. According to FactSet, analysts expected income of 4 cents a share.
Revenue on a fully taxable equivalent basis was about flat at $1.19 billion. Analysts expected $1.14 billion.
Net interest income at the regional lender fell year over year, but noninterest income increased.
Huntington’s provision for credit losses was $327 million, compared with $441 million in the first quarter and $59 million the comparable quarter a year ago.
The lender’s allowance for loans and lease losses as a percentage of total loans and leases was 2.12%, up from 1.93% in the first quarter and up more than double from a year earlier.