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Huntington Bancshares reports 2023 fourth-quarter earnings

Huntington Bancshares Inc. recently reported net income for the fourth quarter of 2023 of $243 million, or 15 cents per common share, a decrease of $402 million, or 27 cents, from the year-ago quarter.

Adjusted earnings per common share were 27 cents, excluding 12 cents per common share of after-tax Notable Items, in the 2023 fourth quarter compared to 43 cents, excluding 1 cent of after-tax Notable Items, in the year-ago quarter.

Return on average assets was 0.51%, return on average common equity was 5.2%, and return on average tangible common equity (ROTCE) was 8.4%.

“We are pleased to deliver fourth quarter results highlighted by the continuation of our organic growth efforts with sustained deposit and loan growth as well as the further expansion of common equity Tier 1 capital,” said Steve Steinour, chairman, president and CEO. “We are entering the new year from a position of strength with robust liquidity and capital, which allows us to remain focused on executing our growth strategy and serving our customers. We are maintaining our disciplined approach to managing credit quality, consistent with our aggregate moderate-to-low risk appetite, and believe Huntington is well positioned as we operate through this dynamic environment.”

He said 2023 was marked by the successful execution of key strategic initiatives, as Huntington outperformed during a dynamic environment for the banking sector.

“While the macro-outlook continues to play out, we believe the operating environment today is generally more constructive compared to last quarter. Customers are generally well positioned and are continuing to invest in their businesses.

“As a result, we are seeing attractive growth opportunities as we move into 2024 and are positioned to accelerate our loan growth forecast given these dynamics.”

Huntington’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “HBAN.”