S&P 500 (NYSE:SPY) component KeyCorp (NYSE:KEY) reported net income above Wall Street’s expectations for the second quarter. KeyCorp is a financial holding company that offers its clients retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services.
KeyCorp Earnings Cheat Sheet for the Second Quarter
Results: Net income for the money center banks company rose to $240 million (25 cents per share) vs. $70 million (3 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.
Revenue: Noninterest income was $454 million last quarter.
Actual vs. Wall St. Expectations: KEY beat the mean analyst estimate of 20 cents per share.
Quoting Management: “Key’s second quarter results represent another step forward for our company,” said Chairman and Chief Executive Officer Beth Mooney. “Our results reflected continued improvement in credit quality, disciplined expense management and continued execution of our business plan. We were also encouraged by the growth in our commercial, financial and agricultural loan portfolio, which benefited from the strategic alignment between our relationship-focused Community Bank and the deep industry expertise and advisory capabilities of our Corporate Bank.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the first quarter, by 20 cents in the fourth quarter of the last fiscal year, and by 16 cents in the third quarter of the last fiscal year.
Competitors to Watch: Wells Fargo & Company (NYSE:WFC), SunTrust Banks, Inc. (NYSE:STI), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), PNC Financial Services (NYSE:PNC), Citigroup Inc. (NYSE:C), Regions Financial Corp. (NYSE:RF), Northrim BanCorp, Inc. (NASDAQ:NRIM), Pacific Continental Corp. (NASDAQ:PCBK), and Zions Bancorporation (NASDAQ:ZION).
(Source: Xignite Financials)