KeyCorp announced Q2/16 net income from continuing operations attributable to Key common shareholders of $193 million compared to $230 million for Q2/15. During Q2/16, Key incurred merger-related expense totaling $45 million.
The following highlights were excerpted from the news release:
“During the second quarter, we maintained positive momentum in our core businesses and made significant progress on our upcoming acquisition of First Niagara,” said Beth Mooney, chairman and CEO. “Excluding merger-related expense, we generated positive operating leverage relative to the year-ago period. Revenue was stable compared with the same period last year and up 3% from last quarter, despite lower interest rates and challenging market conditions. Expenses continue to be well managed, which allows us to make ongoing investments in our businesses. Credit quality remained solid, with net charge-offs to average loans below our targeted range.”
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