Huntington Bancshares (NASDAQ:HBAN) shares up 1.6% in early trading Friday after the bank reported better-than-expected Q4 results and released 2023 guidance for interest income it is compatible with the agreement.
For 2023, the bank expects to increase 8%-11% from 2022 $ 5.23B. that it will bring a high NII of $5.81B, matching the Visible Alpha consensus. Non-interest income is expected to be unchanged from $1.98B a year ago, according to its Q4. slide.
It sees loans rising this year by 5%-7% from $115.3B, based on commercial loans, and consumer growth. Deposits are expected to increase 1%-4% from $144.9B.
2023 spending is expected to increase 2%-4% on an underlying basis, with ~$60M for Capstone/Torana and ~$30M for su’ FDIC investigation.
Premiums for the year are expected to reach the low end of 25-45 basis points through the cycle.
Q4 adjusted EPS of $0.43, a $0.40 consensus high, up from $0.39 in Q3 and from $ in Q4 2021.
Q4 total revenue was $2.00B, vs. $1.95B revenue, up from $1.87B in the first quarter and $1.63B in the year-ago quarter.
Q4 interest income (equity tax basis) was $141.B vs. $1.27B in Q3 and $1.03B in Q4 2021. Gross margin was 3.99%, up from 3.53% in Q3 and 2.83% in Q4 2021.
Provision for bad debts at $112M in the quarter from $135M in the first quarter and $110M a year ago. Direct loan payments were 0.29% of average loans in Q4 vs. 0.19% in Q3 and 0.20% in Q4 2021.
Q4 total non-interest expense was $1.01B vs. $988M in the first quarter and $967M in the year-ago quarter.
Loans and leases increased to $95.8B from $94.7B in the first quarter; total deposits of $133.0B vs. $135.5B in Q3.
Meeting call at 9:00 AM ET.
Previously, Huntington Bancshares (HBAN) non-GAAP EPS of $0.43 down $0.03, revenue of $1.97B down $20M