TLDR
– Huntington Bancshares plans to increase its investments in specialty banking verticals and growth markets while other banks focus on cost-cutting strategies.
– The bank is projecting that its average loans will rise by 3-5% and its deposits will increase by 2-4% over the coming year.
Huntington Bancshares plans to increase its investments in specialty banking verticals and geographic markets where it sees growth opportunities, even as other banks focus on cost-cutting strategies. The bank expects its average loans to rise by 3-5% and its deposits to increase by 2-4% over the coming year. CEO Steve Steinour believes that the bank’s focus on high-performing markets, such as North Carolina and South Carolina, and recently launched lines of business like health care asset-based lending and fund finance, will lead to growth. Huntington executives have been discussing growth opportunities for months, and they provided additional details about their investment plans. The bank plans to focus on organic growth in markets like the Carolinas and Texas, where it already has a presence, and in areas gained from its 2021 acquisition of TCF Financial, such as Colorado and Minnesota. While the bank expects expenses to rise by about 4.5% in 2024, it believes that the long-term benefits of its investments outweigh the short-term challenges it faces.
