Huntington Bancshares Lowers 2024 Interest Income Forecast, Shares Plummet

The regional bank now expects net interest income to decline by up to 4%, impacting stock performance and other regional lenders.

Huntington Bancshares' stock fell nearly 6% after reducing its net interest income forecast for 2024.
The bank now predicts a decline in net interest income between 1% and 4%, down from its previous range of -2% to +2%.
Higher funding costs and lower loan growth were cited as primary reasons for the revised forecast.
Huntington's first-quarter earnings had already shown a 33% year-over-year decline, contributing to investor concerns.
The forecast adjustment affects regional banks broadly, with larger banks benefiting from diversified revenue streams.