Huntington earns $48.8M in quarter

Huntington earns $48.8M in quarter

columbus

Huntington Bancshares Inc. reported a second-quarter profit Thursday as it put aside less money against future loan losses. The company earned $48.8 million, or 3 cents per share, in the second quarter of 2010, compared with a loss of $125.1 million, or 40 cents per share, in the same quarter last year. The company’s provision for credit losses was $193.4 million in the second quarter, down 18 percent from the first quarter and down $220.3 million, or 53 percent, from the same time last year.

1st quarterly profit in 2 years at KeyCorp

cleveland

KeyCorp reported its first quarterly profit in two years Thursday. The banking company, which had been nagged by a flood of bad loans, said it earned $29 million, or 3 cents per share, in the second quarter of 2010.

KeyCorp lost $390 million, or 68 cents per share, in the same quarter of 2009. Nonperforming loans decreased to $1.70 billion from $2.19 billion, and net charge-offs, or uncollectable loans, dropped to $435 million from $502 million.

The provision for loan losses was $228 million in the most recent quarter, down from $823 million in the second quarter of 2009 and down from $413 million in the first quarter of 2010.

PNC reports profit

pittsburgh

PNC Financial Services reported a second-quarter profit of $803 million, or $1.47 a share, Thursday, helped by lower credit costs.

The company posted a profit of $207 million, or 14 cents a share, in the second quarter of 2009.

The bank’s provision for loan losses was $823 million in the second quarter of 2010, down from $1.1 billion a year earlier.

Vindicator staff/wire reports