EARNINGS UPDATE: KeyCorp Ratings Unaffected By Fair Fourth-Quarter Results Jan 13
- ID: 2383312
- January 2013
- Standard & Poors
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...
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