KeyCorp reported lower quarterly results that reflected higher expenses and lower fee income.
The $95.1 billion-asset company said in a press release Thursday that its fourth-quarter profit fell 11% from a year earlier, to $220 million, or 26 cents a share.
Total revenue rose more than 1%, to $1.1 billion, as net interest income rose 3.7%. The net interest margin compressed by 7 basis points, to 2.87%.
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M&A momentum is building, even among larger banks that have been sidelined for years.
January 10 -
KeyCorp in Cleveland will retain two First Niagara Financial Group executives after its acquisition of the Buffalo, N.Y., company closes.
January 4 -
Sen. Charles Schumer, D-N.Y., has asked for more time for public comment on KeyCorp's proposed takeover of First Niagara Financial Group, and said more study is needed on the deal's potential economic impact on western New York.
December 22
Average total loans increased by more than 5%, to $59.6 billion, led by a 14% rise in commercial-and-industrial loans. Total home equity loans fell 2%.
The Cleveland company's noninterest income fell 1%, to $485 million, including declines in trust and investment services and fees from corporate-owned life insurance. A 9% spike in cards and payments income helped offset decreases elsewhere.
Noninterest expenses rose more than 4%, to $736 million, mainly because of a $20 million increase in personnel costs "related to investments made across the business," Key said in its release.
