KeyCorp announced second quarter net income from continuing operations attributable to Key common shareholders of $221 million compared to $199 million for the first quarter of 2012, and $243 million for the second quarter of 2011.
For the six months ended June 30, 2012, net income from continuing operations attributable to Key common shareholders was $420 million compared to $427 million for the same period one year ago.
“Key’s second quarter results reflect continued loan growth, improvement in credit quality, and disciplined expense control,” said Chairman and Chief Executive Officer Beth Mooney. “We continue to benefit from the successful execution of our relationship strategy, which is driving client acquisition and engagement. We have seen five consecutive quarters of growth in commercial and industrial loans. Credit quality improved again this quarter as we continue to reduce our exit portfolio and add high quality new loan originations.”
Equipment Finance Highlights:
- Average loans and leases increased 7.5% to $4,886 million in Q2 2012 versus Q2 2011 results.
- Average loans and leases increased 2.2% in Q2 2012 versus Q1 2012 results.
- Total revenue declined 9.5% to $57 million in Q2 2012 versus $63 million in Q2 2011.
- Non-performing assets declined 15.4% in Q2 2012 versus Q2 2011 results.
KeyCorp Second Quarter 2012 Financial Results:
- Net income up 11% from first quarter of 2012.
- Maintained solid balance sheet with Tier 1 common equity of 11.7%.
- Continued loan growth driven by commercial, financial and agricultural loan portfolio .
- Further improvement in credit quality with net loan charge-offs to average loans ratio of .63% approaching long-term target and improving 19 basis points from prior quarter.
Read the full KeyCorp Second Quarter News Release.