EARNINGS UPDATE: KeyCorp Ratings Unaffected By Fair Fourth-Quarter Results Jan 13
Standard & Poors, January 2013
Abstract
NEW YORK (Standard & Poor's) Jan. 24, 2013--Standard & Poor's Ratings Services today said its ratings on KeyCorp are unaffected by the bank's fair fourth-quarter results, which were slightly below our expectations. KeyCorp's net income for the quarter was $203 million, down 7% from the prior quarter and up slightly year over year. Net interest income grew a solid 5% from the previous quarter, mainly because of lower funding costs and increased loan fees. These factors also contributed to the expansion of the consolidated net interest margin (NIM) to 3.29%. Loans excluding discontinued operations grew by 3%, with commercial and industrial (C&I) loans and a newly acquired credit card portfolio contributing to that growth. Operating expenses were higher than we...
Companies mentioned in this report are:
- KeyCorp
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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