While many regional banks still carry significant risks, signs of stabilization and improvement in the economy have convinced at least a few more CAPS members that things may be looking up for Huntington Bancshares. The company recently reported its first quarterly profit since 2008, with a 17% jump in net interest income, and it was able to reduce its provision for loan losses.
Stock in regional bank peers such as Fifth Third
Huntington Bancshares, SunTrust
While SunTrust and Zions ended up in the red in the first quarter, Huntington turned a profit and forecasts a profitable 2010, and management expects its positive momentum to continue to separate it from its peers over coming quarters. Its outlook for 2010 includes growing core deposits and a decreasing allowance for credit losses, and some investors think the bank has finally turned the quarter with a good opportunity for solid returns ahead.
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