KeyCorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Quarter Ended December 31, 2016
January 19, 2017 at 06:30 am EST
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KeyCorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income of $948 million against $610 million a year ago. Total revenues were $1,566 million against $1,095 million a year ago. Income from continuing operations attributable to company was $233 million against $224 million a year ago. Net income attributable to company was $229 million or $0.19 per share against $226 million or $0.26 per share a year ago. Income from continuing operations attributable to company common shareholders was $213 million or $0.20 per share against $224 million or $0.27 per share a year ago. Book value at period end was $12.58 against $12.51 per share a year ago. Tangible book value at period end was $9.99 against $11.22 per share a year ago. Return on average total assets was 0.69% against 0.97% a year ago. Return on average common equity was 6.22% against 8.51% a year ago.
For the quarter, the company reported net loan charge-offs was $72 million against $37 million a year ago. For the year, the company reported net interest income of $2,953 million against $2,348 million a year ago. Total revenues were $5,024 million against $4,256 million a year ago. Income from continuing operations attributable to company was $790 million against $915 million a year ago. Net income attributable to company was $791 million or $0.81 per share against $916 million or $1.06 per share a year ago. Income from continuing operations attributable to company common shareholders was $753 million or $0.81 per share against $892 million or $1.06 per share a year ago. Return on average total assets was 0.70% against 0.99% a year ago. Return on average common equity was 6.26% against 8.63% a year ago.
KeyCorp is a bank-based financial services company, which operates through its subsidiary, KeyBank National Association (KeyBank). Through KeyBank and certain other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients. It has two business segments: Consumer Bank and Commercial Bank. The Consumer Bank serves individuals and small businesses by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services. The Commercial Bank consists of the Commercial and Institutional operating segments. The Commercial operating segment serves the needs of middle market clients.
KeyCorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Quarter Ended December 31, 2016