Ohio-headquartered Keycorp has posted a
first quarter net profit of $173m compared with a net loss of $96m
in the corresponding period a year ago.
Net charge-offs, were 1.59% of average
loans, down from 3.67% a year earlier while non-performing loans
fell to 1.82% from 3.69%.
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Key’s net interest margin inched up by 3
basis points year-on-year to 3.16%.
Total assets declined by 5.1% to $90.4bn;
deposits fell by 6.6% to $60.8bn while lending was down 13.2% at
$48.5bn.
Kepcorp ended the first quarter with a
branch network of 1,040 outlets, a net increase of 26 outlets
during the year.
Keycorp plans to open an additional 40
branches during the remainder of 2011.
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By GlobalDataKeycorp chairman and CEO Henry Meyer
said:
“Our first quarter results demonstrate
continued improvement in asset quality and disciplined expense
control, and underscore our successful emergence from the
recession.
“Coupled with our successful capital
actions during the quarter and TARP repayment, Key emerges in an
excellent position to compete and grow.”
