- Huntington Bancshares (HBAN +3.5%) tops early gainers on the S&P 500 after Q2 earnings rose 9%, beating analyst estimates thanks to gains in commercial and auto lending.
- HBAN's total Q2 lending climbed 9.1% to $45B, as billion commercial and industrial loans rose 7.6% Y/Y to $18.3B and auto loans - one of the few growth areas in consumer lending these days - surged 38% to $7.3B, reflecting "heightened consumer and business confidence in the economy," according to CEO Steve Steinour.
- The loan growth helped drive an 8.3% gain in net interest income to $460M; non-interest income fell fractionally to $250.1B due in part to a 33% drop in mortgage banking income.
- Net interest margin was 3.28%, down from 3.38% in Q2 a year ago but up from 3.27% in the previous quarter.