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.
Most Popular
AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard
