Easing business and home loan losses helped Huntington Bancshares Inc. post its most profitable quarter in two years.
The Columbus, Ohio, company's profit more than doubled from the previous quarter, to $101 million, on sharply lower home mortgage and commercial real estate chargeoffs. It had a loss of $166 million a year earlier. Huntington has now had three straight profitable quarters after losing more than $3 billion in 2009. The second quarter of 2008 was its last $100 million-profit quarter.
Loan provisions fell 42% quarter over quarter, to $119 million in the most recent quarter, well below their peak of nearly $900 million in the fourth quarter of 2009.
Revenue rose 1% from the previous quarter, to $679 million on higher income from investments in government-related debt. Total loans and leases rose $126 million — or less 1% — quarter over quarter, to $37.2 billion. Gains in automotive and commercial and industrial lending were offset by contracting construction and residential mortgage loans.