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KeyCorp: Loans Up 5% Driven by Commercial, Financial and Agriculture

October 16, 2013, 07:00 AM
Filed Under: Corporate Earnings

KeyCorp  announced third quarter net income from continuing operations attributable to Key common shareholders of $229 million compared to $193 million for the second quarter of 2013, and $211 million for the third quarter of 2012. For the nine months ended September 30, 2013, net income from continuing operations attributable to Key common shareholders was $618 million compared to $623 million for the same period one year ago. 

Average loans were $53.3 billion for the third quarter of 2013, an increase of $2.6 billion compared to the third quarter of 2012.  Commercial, financial and agricultural loans grew by $2.4 billion over the year-ago quarter, with strong growth across Key's lending to business clients.

"Key's results reflect another quarter of improved performance as we continued to grow our businesses, improve efficiency and execute on our capital priorities," said Chairman and Chief Executive Officer Beth Mooney.   "Revenue benefited from solid loan growth, driven by an 11% increase from the prior year in commercial, financial and agricultural loans, as well as improved trends in several of our fee-based businesses.  These results reflect the success of our distinctive business model and our progress in implementing our growth initiatives.  Expense levels continued to be well-managed.  Importantly, we accomplished our goal that we set in June of 2012 to achieve annualized cost savings of $200 million. This is an important milestone for us, and we believe that our cost discipline is now embedded within our culture, which will allow us to drive further efficiency improvements.  Credit quality also improved, with net charge-offs to average loans now at their lowest level since the first quarter of 2007."

To read the full earnings release, click here.

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