Huntington Bancshares Incorporated HBAN has reported third-quarter 2022 earnings per share of 39 cents. The reported figure surpassed the Zacks Consensus Estimate of 38 cents. The company reported 22 cents in the comparable period last year.The third-quarter 2022 results have benefitted from notable increases in net interest income (NII) and a decline in expenses. However, a fall in fee income and higher provision from credit losses were headwinds.Management noted, “We successfully executed on our business strategies, delivering robust loan growth, higher deposit balances, and expanded fee income. These results, and the benefit from the higher interest rate environment, combined to produce sequential pre provision net revenue growth of 14% for the quarter when excluding Notable Items.”The company has reported a net income applicable to common shares of $565 million in the quarter, up 70% year over year.Revenues Rise, Expenses FallTotal revenues (on a fully-taxable equivalent or FTE basis) climbed 12% year over year to $1.91 billion in the third quarter. Also, the top line surpassed the consensus estimate of $1.84 billion.NII (FTE basis) was $1.41 million, up 21% from the prior-year quarter. The upside resulted from an increase in the net interest margin (NIM), which rose to 3.42% from 2.91%, and higher average earning assets.Non-interest income moved down 7% year over year to $498 million. The decline mainly stemmed from lower service charges on deposit accounts, mortgage banking, and leasing revenues, partially offset by higher card and payment processing income, and capital market fees.Non-interest expenses were down 18% on a year-over-year basis to $1.05 billion. This was due to a fall in primarily all components like professional services costs, outside data processing and other service costs, and net occupancy expenses.The efficiency ratio was 54.4%, down from the prior-year quarter’s 74.9%. A decline in the ratio indicates a rise in profitability.As of Sep 30, 2022, average loans and leases at Huntington improved 3% on a sequential basis to $116.9 billion. Average total deposits rose 1% from the prior quarter to $146 billion.Credit Quality ImprovesNet charge-offs were $44 million or an annualized 0.15% of average total loans in the reported quarter, down from $55 million or 0.20% recorded in the prior year. In addition, total non-performing assets were $627 million as of Sep 30, 2022, down from $893 million in the prior-year quarter.However, the quarter-end allowance for credit losses increased 1.1% to $2.23 billion. In the third quarter, the company recorded a provision from credit losses of $106 million against $62 million of reversal in the prior-year quarter.Capital Ratios FallCommon equity tier 1 risk-based capital ratio and regulatory Tier 1 risk-based capital ratio were 9.27% and 10.83%, respectively, compared with 9.57% and 11.35% reported in the year-ago quarter. The tangible common equity to tangible assets ratio was 5.32%, down from 6.95% as of Sep 30, 2021.Our ViewpointHuntington put up a decent performance in the third quarter. The momentum in average earning asset growth will drive NII in the upcoming quarters. Also, its credit quality is likely to keep witnessing improvement.Currently, Huntington carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Huntington Bancshares Incorporated Price, Consensus and EPS Surprise Huntington Bancshares Incorporated price-consensus-eps-surprise-chart | Huntington Bancshares Incorporated QuotePerformance of Other BanksNorthern Trust Corporation’s NTRS third-quarter 2022 earnings per share of $1.80 missed the Zacks Consensus Estimate of $1.82. Nonetheless, the bottom line was flat year over year.Higher revenues, aided by a rise in net interest income NII, were the driving factors for NTRS. However, a rising expense base and weak capital ratios were headwinds.Citizens Financial Group CFG reported third-quarter 2022 underlying earnings per share of $1.30, surpassing the Zacks Consensus Estimate of $1.20. Also, CFG’s bottom line rose from $1.22 in the year-ago quarter.Results reflected NII growth on the rise in loan balances. 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Click to get this free report Huntington Bancshares Incorporated (HBAN): Free Stock Analysis Report Northern Trust Corporation (NTRS): Free Stock Analysis Report Citizens Financial Group, Inc. (CFG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research