(New throughout)
NEW YORK, Jan 16 (Reuters) - Huntington Bancshares Inc. on Friday reported a 35 percent rise in quarterly profit, beating analysts' estimates, as consumer lending increased, especially in residential mortgages and home equity loans.
The Columbus, Ohio-based bank, which has $30.5 billion of assets, said net income rose to $93.3 million, or 40 cents per share, from $69.3 million, or 29 cents per share, a year earlier.
Analysts polled by Reuters Research, a unit of Reuters Group Plc, on average were expecting earnings of 38 cents a share.
Huntington said it expects to earn between $1.62 and $1.66 per share in 2004, excluding gains from future auto loan shares. It said it earned $1.61 in 2003 after an accounting change.
The Reuters Research estimate for 2004 is $1.64 a share.
Huntington Chief Executive Thomas Hoaglin said he expects strong demand for auto credit, and growth in small business and middle-market lending as the economy strengthens.
He said this improvement would help to offset a drop in mortgages as refinancings decline. "We nevertheless anticipate good growth in consumer loans, both residential mortgages and home equity loans and lines," he said in a statement.
Huntington has more than 300 banking offices in Ohio, Indiana, Kentucky, Michigan and West Virginia.
The company's shares closed Thursday Nasdaq trade at $22.50. They have risen 18 percent in the last year, compared with a 17 percent rise in the Standard & Poor's banks index .