Huntington Bancshares Inc.'s (HBAN) first-quarter earnings rose 21% reflecting the continued improvement of credit quality.
The regional lender has seen improved results of late as it, like many other banks, sets aside fewer funds to cover potential loan losses. For the latest period, Huntington's loan-loss provisions fell 24% from the $45.3 million set aside in the fourth quarter.
Meanwhile, net charge-offs, or loans lenders don't think are collectible, were 0.85% of average loans, essentially flat with the prior quarter.
Huntington Bancshares reported a profit of $153.3 million, or 17 cents a share, up from $126.4 million, or 14 cents, a year earlier.
Analysts polled by Thomson Reuters had most recently forecast earnings of 14 cents.
Net interest income was up 1% from the prior quarter.
