Huntington Bancshares remained steadfast in its commitment to control expenses during the third quarter, allowing it to maximize efficiency. 

“This focus on sustained efficiencies — including Operation Accelerate business process, offshoring and the other actions — will yield multiyear benefits,” Chief Financial Officer Zach Wasserman said during today’s earnings call. “These actions are necessary to allow for the continued investment into new and enhanced capabilities, which will set up growth over the course of the next few years.”

BIGGER PICTURE: The $188 billion bank has been focused on expense management in 2023 and expects to continue with that plan through 2024, Wasserman said. 

“We believe this level of expense management is the right balance to position the company to operate within the current environment and sustain our momentum into 2025,” Wasserman said. 

BY THE NUMBERS: Huntington reported in Q3: 

• Total revenue fell 1% YoY to $1.9 billion; 
• Headcount fell 1% YoY to 19,800; 
• The bank’s efficiency ratio increased to 57% from 54.4% during the same period last year; and 
• Noninterest income increased $11 million YoY to $509 million. 

NOTEWORTHY: During the quarter, Huntington improved its overall digital engagement, according to the bank’s earnings presentation. 

Monthly active mobile users reached 2.7 million, up 8% YoY, and monthly active digital users increased 3% YoY to 3.5 million, according to the presentation.  

FLASHBACK: Last year, the bank acquired middle market investment bank and advisory firm Capstone Partners in June and digital payments fintech Torana in May.  

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