Huntington Bancshares Incorporated (NASDAQ:HBAN) Expects Fiscal Year Revenue To Surge 4 To 6%
Huntington Bancshares Incorporated (NASDAQ:HBAN) announced its report on the financial results for the first quarter of the year 2018. The regional bank, based in Columbia reported that its revenue is soaring with a dramatic 57% increase and expected to increase more throughout the year.
The company reported a net income of $326 million and it’s optimistic that the full-year revenue will rise up to 4 to 6%, while its overall annual non-interest costs will reduce by 2 to 4%. Steve Steinour, CEO of Huntington stated that company has over $104 billion in assets and its business operations are spread across six major states in the US.
The firm expects to continue experiencing short-term hikes and a better position in the market as it has hoisted deposit pricing and closed in fixed-term, term deposit funding. For instance, the company has acquired several business entities including the FirstMerit Corp at roughly $3.4 billion to develop the largest bank in the region.
Furthermore, the bank has significantly grown in the Central Ohio, where it’s leading in the market share. The bank has also been streamlining its operations to reduce the expenses. Initially, the bank had 966 bank branches but currently, 30 locations have been eliminated from the list it had for the year 2017.
According to the company, customers are increasingly shifting to mobile and online options for transactions. Hence the bank needs to invest in the most innovative and secure technological capabilities to keep abreast with the industry standards. The company revealed that plans are underway to launch new products to provide better solutions for its clientele.
Last year in September, Huntington Bank contributed millions of money to the Greater Cincinnati Redevelopment Authority to help the government exploit and develop the underutilized industrial land located in Cincinnati and Hamilton County. The funds will help the county encourage foreign investors to set up their manufacturing companies in the region thus creating job opportunities for residents and other benefits.
Two Suspects in 2017 Huntington Bank Robbery Detained
Meanwhile, two brothers alleged to be involved in robbing the Huntington Bank in October 2017 have been arrested. The Grand Rapids Police stated the two suspects are held in police custody following the investigative report was given by GRPD Detective Unit and the Fugitive Task Force.
The two suspects, Dominike Sterling is held at Kent County Jail and his first case, Probable Cause Conference was supposed to be heard on May 8, 2018. Michael Sterling Jr. is temporarily held in Pennsylvania before he’s returned to Michigan.