KeyCorp Q1 Earnings Meet Expectations

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KeyCorp
KEY
reported in-line earnings for the first quarter. The Cleveland, Ohio-based bank posted quarterly earnings of $233 million, compared to $242 million, in the year-ago period. On a per-share basis, the company's earnings came in flat at $0.26 per share. Its revenue climbed to $1.01 billion versus $1 billion. However, analysts were estimating earnings of $0.26 per share on revenue of $1.03 billion. Net interest margin shrank to 2.91 percent from 3 percent in the year-ago quarter Noninterest income rose to $437 million for the first quarter, from $435 million in the year-earlier period. Its noninterest expense climbed to $669 million versus $664 million. Average total loans rose 5.1 percent year-over-year, while average deposits climbed 4.9 percent. In the first quarter, Key had average assets of $91.9 billion, versus $90.2 billion in the year-ago quarter. "Our first quarter results were solid and reflect our continued focus on growing our businesses," said Chairman and Chief Executive Officer Beth Mooney. "Revenue was up from the prior year and expenses were well-managed as we generated positive operating leverage. Our asset quality continued to be strong, and we remain committed to improving productivity and efficiency." KeyCorp shares rose 0.28 percent to $14.23 in pre-market trading.
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Posted In: EarningsNewsprofit
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