Huntington Bancshares Inc. (NASDAQ: HBAN) shares slipped with the broader market today, down just more than 1% at $6.59 this morning.
The company recently provided a positive outlook for its financial year 2011 with confidence that the economy will remain steady throughout the first half of the year and improve in the second half. HBAN set aside lower reserves for credit losses in 2011.
The company said that its 2011 pre provision, pretax income is likely to be in the same range of its income in the second half of 2010. The company repaid its bailout in December. It also announced $0.12 cents per share in profit for the fourth quarter of the year, beating the consensus estimate of $0.08 cents per share.
HBAN is a banking holding company that provides consumer and commercial banking services. The company also offers deposit products such as interest bearing demand deposits, saving accounts and certificates of deposit. It also offers commercial and retail insurance products. Its other services include estate planning, casualty insurance, reinsurance, mortgage loans and automobile leases.
The company reported its total cash assets at $11.063 billion for the year ending Dec 31, 2010. Its total assets were worth $53.819 billion for the same period. HBAN had valued its total liabilities at $48.839 billion. The company had reported its revenue at $3.187 billion and its net income for the year at $312.347 million. HBAN�s net income for the year stood at $312.347 million.
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