KeyCorp Equipment Finance Revenue, Earnings Lower
KeyCorp announced third quarter net income from continuing operations of $214 million compared to $221 million for the second quarter of 2012, and $229 million for the third quarter of 2011. For the nine months ended September 30, 2012, net income was $634 million compared to $656 million for the same period one year ago.
KeyCorp noted that its loan loss provision in the third quarter was $109 million compared to $10 million a year ago. The bank said the increase was due to acquisitions and the application of updated regulatory guidance.
In its report on KeyCorp Equipment Finance, the bank said total revenue of $57 million in third quarter compared to $68 million for the same period last year. Net income in the third quarter was $14 million or 26.3% lower versus $19 million in 2011. Average loans and leases for the third quarter were $5.2 billion, up almost 12% from $4.6 billion in the same period last year. Return on average allocated equity was 22.73% compared to 23.05% in 2011. Average full-time equivalent employees dropped from 434 one-year ago to 383 for the current period
To read KeyCorp’s earnings report click here.