KeyCorp announced first quarter net income from continuing operations attributable to Key common shareholders of $199 million. This result compares to $184 million for the first quarter of 2011, which included a deemed dividend of $49 million related to the accelerated amortization of the discount on the repurchased preferred shares from the U.S. Treasury.
First quarter 2012 net income attributable to Key common shareholders was $194 million compared to net income attributable to Key common shareholders of $173 million for the same quarter one year ago.
During the first quarter of 2012, the Company continued to benefit from improved asset quality. Nonperforming loans decreased by $219 million and nonperforming assets declined by $322 million from the year-ago quarter to $666 million and $767 million, respectively. Net charge-offs declined to $101 million, or .82% of average loan balances for the first quarter of 2012, compared to $193 million, or 1.59% of average loan balances for the same period one year ago.
Key originated approximately $8.3 billion in new or renewed lending commitments to consumers and businesses during the first quarter of 2012, which is up from $6.9 billion for the same period one year ago.
To follow are selected highlights pertaining to Key Equipment Finance:
- Total revenue for Q1 2012 and Q1 2011 was $64 million and $63 million, respectively.
- Net Income $18 million versus $23 million for Q1 2012 and Q1 2011, respectively.
- Average loans and leases $4,779 million versus $4,680 million for Q1 2012 and Q4 2011, respectively.
- Non-performing assets $28 million versus $41 million for Q1 2012 and Q4 2011, respectively.
"Key's first quarter results demonstrate continued positive momentum as we execute on our relationship strategy, strengthen our balance sheet and maintain disciplined expense control," said Chairman and Chief Executive Officer Beth Mooney. "Asset quality improved again this quarter, and we were pleased to see growth in our commercial, financial and agricultural loan portfolio. Key remains committed to meeting the credit needs of its customers and communities."
To read the full KeyCorp press release, click here.