Regional bank KeyCorp (KEY) posted earnings of $0.44 a share in the second quarter, topping analysts’ estimate of $0.42 a share. Revenue for the quarter increased 0.6% to $1.65 billion, higher than $1.60 billion projected by the market pundits.
The strong results during the second quarter were driven by loan growth and momentum in its commercial and consumer businesses. During the quarter, the company’s taxable-equivalent net interest income was $987 million and the net interest margin was 3.19%.
The company also announced a 42% increase in common share dividend along with a $1.2 billion share repurchase program. Separately, the board declared a cash dividend of $0.17 per share on outstanding common shares. The dividend is payable on September 14, 2018 to holders as on August 28, 2018.
The company’s average loans were $88.6 billion, an increase of $2.1 billion compared to Q2 2017, driven by commercial and industrial loans. Average deposits totaled $104 billion, an increase of $1.2 billion compared to the year-ago quarter. This reflects a shift to higher-yielding deposit products, as well as strength in retail banking franchise.
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