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KeyCorp down 2% after results and outlook

Jan. 18, 2018 10:08 AM ETKeyCorp (KEY) StockKEYBy: Stephen Alpher, SA News Editor1 Comment
  • Backing out merger-related and tax reform charges, Q4 EPS of $0.36 was up a nickel from one year ago, and met expectations.
  • Average loans of $86B dipped just under 1% from Q3 and were up just less 1% from one year ago. Average deposits of $103.8B down 0.9% Y/Y; cost of deposits of 0.31% up nine basis points; NIM after adjustments of 2.97%, up 15 basis points.
  • Provisions of $49M down from $66M a year ago.
  • 2018 outlook: Average loans of $88.5B-$89.5B; average deposits of $104.5B-$105.5B. Net interest income of $3.9B-$4B assumes just one rate hike (in June); noninterest income of $2.5B-$2.6B; noninterest expense of $3.85B-$3.95B; net charge-offs to average loans to be below long-term target of 40-60 basis points; GAAP tax rate of 18%-19%.
  • Long-term targets are refined: Cash efficiency ratio of 54%-56% (previously was set to <60%); net charge-offs to total loans of 40-60 basis points (same as previous); ROTCE of 15%-18% (previously was 13%-15%).
  • Presentation slides
  • Previously: KeyCorp EPS in-line, beats on revenue (Jan. 18)
  • KEY -2%

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