Huntington Bancshares Incorporated (HBAN) stated net income for the 2016 fourth quarter of $212 million, or a 19% increase from the year-ago quarter. Earnings per common share for the 2016 fourth quarter were $0.18, down 14% from the year-ago quarter. Apart From about $0.06 per common share after tax of FirstMerit acquisition-related net expenses, adjusted earnings per common share were $0.24. Return on average assets was 0.84%, while return on average tangible common equity was 11.4%. Total revenue raised 39% over the year-ago quarter.
2016 full-year net income was $685 million, a decrease of 1% from the prior year. Earnings per common share for the year were $0.67, down 17% from the prior year. FirstMerit acquisition-related expenses totaled $282 million pretax, or $0.20 per common share after tax. Return on average assets for the full year was 0.82%, while return on average tangible common equity was 10.2%. Total revenue raised 18% over the prior year.
“We are very happy with our strong close to 2016,” said Steve Steinour, chairman, president and CEO. “2016 performance demonstrated continued progress toward achieving our long-term financial aims. We delivered positive operating leverage for the fourth successive year. We also executed our balance sheet optimization strategy, in which we chose to shrink the balance sheet in order to replenish our capital ratios more quickly. This included the successful completion of a $1.5 billion auto loan securitization within the 2016 fourth quarter, demonstrating strong shareholder demand for our superior automobile loan production quality.”
Deutsche Bank AG (USA) (DB) recently declared its appointment as depositary bank for the non-capital raising sponsored Level I American Depositary Receipt program of Inchcape plc (“Inchcape”).
Inchcape (OTC:INCPY) is a leading global premium automotive group, operating in 29 markets with a portfolio of the world’s leading car brands in the fast-growing luxury and premium segments. Inchcape has diversified multi-channel revenue streams counting the sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange since 1958, is headquartered in London and employs around 16,000 people.
“We are delighted to be designated as depositary bank for Inchcape’s Level 1 ADR program,” said Brian Studdert, Global Head of Depositary Receipts at Deutsche Bank. “Deutsche Bank’s broad range of customized ADR related services will enhance Inchcape’s visibility to the US investment community.”
Deutsche Bank’s Depositary Receipts team is part of the Issuer Services business within the Bank’s Global Securities Services unit.