Key Reports 55.5% Increase in Q1/17 Operating Lease Assets


Back to
Today's News

KeyCorp reported Q1/17 net income from continuing operations attributable to Key common shareholders of $296 million compared to $213 million for Q4/16, and $182 million for Q1/16. During the quarter, Key incurred merger-related charges totaling $81 million compared to $198 million in Q4/16.

The following highlights were excerpted from Key’s earnings report:

  • Operating lease assets at the end of Q1/17 of $563 million were up 55.5% from $362 million at the end of the same quarter in 2016.
  • Average commercial lease financing assets of $4.64 billion in Q1/17 compared to $4.62 billion in Q1/16, while interest and yield were $44 million and 3.76%, respectively, compared to $36 million and 3.65% in Q1/16.
  • Average loans were up 43.2% from Q1/16, driven by Key’s acquisition of First Niagara and a growth in commercial and industrial loans.
  • Net interest income of $929 million, which included $53 million of purchase accounting accretion related to the First Niagara acquisition, was up 51.8% in Q1/17 compared to the same quarter one year ago.
  • Q3/16 net interest margin was 3.31% compared to 2.89% in Q1/6.

“Key’s strong first quarter results reflect continued business momentum and our success in realizing value from our First Niagara acquisition,” said Beth Mooney, Key’s chairman and CEO. “We generated positive operating leverage compared to both the prior year and previous quarter. Revenue relative to the year-ago period benefited from higher net interest income, positive momentum in our fee-based businesses and the addition of over one million newly acquired consumer and business clients. We have been successfully growing and expanding client relationships in both our community bank and corporate bank, and we remain on a path to deliver revenue synergies from our acquisition.”

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
tmulreany@monitordaily.com
Frank Battista
Advertising: 800 708 9373 x120
fbattista@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com