Categories AlphaGraphs, Earnings, Finance

KeyCorp beats estimates on Q4 revenue and earnings

KeyCorp (KEY) reported better-than-expected revenue and earnings for the fourth quarter of 2018 but the stock dipped 0.9% during premarket hours on Thursday.

Total revenues grew 2.8% to $1.65 billion compared to the same period last year. Net income attributable to common shareholders improved to $461 million or $0.45 per share from $182 million or $0.17 per share in the prior-year period. Adjusted EPS was $0.48.

KeyCorp fourth quarter 2018 earnings infographic
KeyCorp Q4 2018 Earnings Infographic

Taxable-equivalent net interest income grew 5.9% to $1 billion and net interest margin rose to 3.16% from 3.09% in the year-ago quarter, reflecting benefits from higher interest rates and higher earning asset balances. Noninterest income dropped 1.7% to $645 million. Noninterest expense dropped 7.8% to $1 billion during the quarter.

Average loans grew 3.8% to $89.3 billion from last year while average deposits rose 4% to $108 billion. The growth in average loans reflected broad-based growth in commercial and industrial loans and the growth in average deposits reflected growth in higher-yielding deposit products along with strength in the retail banking franchise and growth from commercial relationships.

Also see: KeyCorp Q4 2018 Earnings Transcript

Provision for credit losses increased to $59 million from $49 million in the prior-year period. Net loan charge-offs totaled $60 million versus $52 million last year. At quarter-end, the company’s tangible common equity ratio was 8.30%.

BB&T beats Q4 earnings estimates; revenues miss

Revenue from continuing operations increased 6.3% for the Key Community Bank segment while for the Key Corporate Bank, it declined 4%. Profits for the Key Community Bank segment increased 71.7% helped by momentum in core businesses, expense discipline and a lower tax rate. In the Key Corporate Bank segment, profits dropped 3.6%.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Target (TGT): A look at some of the challenges faced by the retailer in 3Q24

Shares of Target Corporation (NYSE: TGT) stayed green on Thursday, recovering from the stumble it took a day ago after delivering disappointing results for the third quarter of 2024 and

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top