KeyCorp gains after reporting earnings

Q1 net income from continuing operations of $232M or $0.26 per share compares to $196M or $0.21 one year ago.

Adjusted average loans up 5.5%, with 8.9% growth in commercial, financial, and ag loans. Average deposits up 3.3%.

Net interest income of $569M falls 3.4% Y/Y, with NIM sliding 24 bps to 3%. Noninterest income of $435M up 2.4% Y/Y, with investment banking and debt placement fees of $84M up 6.3% and mortgage servicing fees of $15M up 87.5%. Service charges on deposit accounts of $63M off 8.7%.

Noninterest expense of $662M falls 2.8% from a year ago. Efficiency ratio is at the very top of the targeted 60-65% range (higher is worse).

Tier 1 common equity ratio of 11.22%. 9.8M shares repurchased in Q1 (total float is 890M shares).

KEY +1% premarket

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