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KeyCorp results hemmed in by shrinking margins

Apr. 16, 2015 7:23 AM ETKeyCorp (KEY) StockKEYBy: Stephen Alpher, SA News Editor
  • Q1 income from continuing operations of $222M or $0.26 per share vs. $232M and $0.26 one year ago.
  • Average loans up 5.1% Y/Y, driven by 11.5% growth in commercial, financial, and agricultural loans.
  • Average deposits up 4.9% Y/Y. Net interest margin of 2.91% down 3 basis points from Q4, down nine bps from a year ago.
  • CET1 ratio of 10.82%. Book value per share of $12.12 vs. $11.91 at start of quarter, $11.43 one year ago.
  • Net interest income of $577M up 1.4% Y/Y thanks to those higher deposit balances.
  • Noninterest income of $437M roughly unchanged from a year ago, with trust and investment services revenue of $109M up 11.2% thanks to the Pacific Securities purchase. Investment banking and debt service fees of $68M fell 19%.
  • Noninterest expense of $669M up marginally from a year ago.
  • Conference call at 9 ET.
  • Previously: KeyCorp EPS in-line, misses on revenue (April 16)
  • KEY -0.85% premarket

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