KeyCorp 2% higher after Q3 results

Net interest income of $584M up 1% Y/Y with net interest margin of 3.11% of 12 basis points.

Noninterest income of $459M is off 11.3% from a year ago, with much of the decline due to last year's gain associated with the redemption of trust preferred securities. Expenses increased a hair to $716M.

Commercial loans gained 11.1% Y/Y, home equity loans gains 4%, and other consumer loans rose 1.8%. Total loans grew 5.1%.

Provision for credit losses fell to $28M to $109M.

Tier 1 common capital ratio of 11.11% vs. 11.3% a year ago.

Conference call at 9 ET.

KEY +2% premarket.

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