Huntington Bancshares (HBAN) in Columbus, Ohio, improved its bottom line as an increase in revenue offset higher noninterest expenses.
The $57.1 billion-asset company reported second-quarter profits of $165 million, up 9% from a year earlier. It earned 19 cents per share.
Revenue climbed 5%, to $716.8 million, year over year as net interest income rose 8%, to $466.7 million. Average total loans and leases rose 9%, to $45 billion, led by a 39% increase in the automobile portfolio. Commercial and industrial loans totaled $18.3 billion, up 7% year over year.
Noninterest income fell about 1%, to $250.1 million, as mortgage banking income slid 33%, to $22.7 million. That was partially offset by a 7% rise in service charges on deposit accounts and a 13% increase in electronic-banking fees.
Noninterest expense climbed 3%, to $458.6 million, partly from a 92% increase in costs for professional services. That included a one-time consulting expense related to strategic planning, Huntington said in a news release Friday.