KeyCorp announced Q3/15 net income from continuing operations of $216 million was up 10% from $197 million for Q3/14. For the nine months ended September 30, 2015, net income from continuing operations was $668 million compared to $671 million for the same period one year ago. Total revenue of $1,068 million was up from $998 million one year ago.
The following highlights were excerpted from the news release:
“Key’s third quarter results reflect our continued success in growing our business, managing expenses and maintaining strong credit quality,” said chairman and chief executive officer Beth Mooney. “We generated positive operating leverage relative to the same period last year, driven by a 7% increase in revenue along with well-managed expenses. Revenue trends reflect growth in new and expanded relationships across our company, which drove higher net interest income, as well as continued momentum in our fee-based businesses,” continued Mooney. “We saw good loan growth again this quarter, with average balances up 6% from the prior year, driven by a 15% increase in commercial, financial and agricultural loans. Loan balances increased in both the Community Bank and Corporate Bank.”
“Results compared with the prior quarter reflect higher net interest income and variability in capital markets revenues, which declined relative to our record second quarter,” said Mooney. “Expenses, excluding the pension settlement charge, were lower than the previous quarter. Additionally, credit quality remains strong, with net charge-offs to average loans of .27%, which is below our targeted range.”
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