Boston, MA 09/15/2014 (wallstreetpr) – When market does well, all the companies get benefitted directly or indirectly. One such example of such supportive market condition can be the ongoing hike in auto loans that has opened doors of impeccable growth for Huntington Bancshares Incorporated (NASDAQ:HBAN). The auto sales have increased over the last few months, and it is not only supporting manufacturers and distributors, but also banking institutions, HBAN in particular.
Why the current surge in AL is good for HBAN:
As per the information revealed by SNL Insurance, Huntington Bancshares Incorporated (NASDAQ:HBAN)’s auto lending increased 31% over the past twelve months time ended June 30, 2014. The growth took off in the last couple of months as HBAN had posted just 9.5% growth in April-June quarter period. SNL Insurance collected the financial data of more than fifteen banks, but no other institution had performed better than HBAN during the last one year. All the numbers compiled together state that the average surge in the auto loan surge was close to 3% among those banks in recent quarter and 12% over the past twelve months.
According to Rich Porrello, Director of auto finance at Huntington Bancshares Incorporated (NASDAQ:HBAN), the excellent growth in auto-loan segment is an important factor of HBAN’s continual progress. The entire world had to face the recession a few years ago; hence, this growth is a positive factor for HBAN. He said that excellent growth in auto-loan was just one part of the entire success story that HBAN would write in the near future. HBAN is actively involved in various things apart from auto loan distribution, for example financing inventory, dealership financing, etc.
According to him, Huntington Bancshares Incorporated (NASDAQ:HBAN) could survive through recession because of its consistency and excellent servicing. Although HBAN has offices in just seventeen states, but still it is one of the major auto loan providing financial institutions of the country.