KeyCorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Loan Charge-offs for the Fourth Quarter Ended December 31, 2013
January 23, 2014 at 11:45 am
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KeyCorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income of $649 million against $688 million a year ago. Net interest income was $583 million against $601 million a year ago. Total revenue was $1,042 million against $1,046 million a year ago. Income from continuing operations before income taxes was $305 million against $249 million a year ago. Income from continuing operations was $235 million or $0.26 per diluted share against $196 million or $0.20 per diluted share a year ago. Net income attributable to the company's common shareholders was $224 million or $0.25 per basic and diluted share against $197 million or $0.21 per basic and diluted share a year ago. Return on average total assets from continuing operations was 1.08% compared to 0.96% a year ago. Return on average common equity from continuing operations was 9.10% compared to 7.58% a year ago. Return on average tangible common equity from continuing operations was 10.13% compared to 8.45% a year ago. Return on average total assets consolidated was 1.00% compared to 0.93% a year ago. Return on average common equity consolidated was 8.90% compared to 7.86% a year ago. Return on average tangible common equity consolidated was 9.91% compared to 8.77% a year ago. Book value per share as at December 31, 2013 was $11.25.
For the year, the company reported total interest income of $2,620 million against $2,705 million a year ago. Net interest income was $2,325 million against $2,264 million a year ago. Total revenue was $4,114 million against $4,144 million a year ago. Income from continuing operations before income taxes was $1,141 million against $1,073 million a year ago. Income from continuing operations was $870 million or $0.93 per diluted share against $842 million or $0.86 per diluted share a year ago. Net income attributable to the company's common shareholders was $887 million or $0.97 per diluted share against $836 million or $0.89 per diluted share a year ago. Return on average total assets from continuing operations was 1.03% compared to 1.03% a year ago. Return on average common equity from continuing operations was 8.48% compared to 8.25% a year ago. Return on average tangible common equity from continuing operations was 9.45% compared to 9.16% a year ago. Return on average total assets consolidated was 1.02% compared to 0.99% a year ago. Return on average common equity consolidated was 8.88% compared to 8.48% a year ago. Return on average tangible common equity consolidated was 9.90% compared to 9.42% a year ago. Return on average tangible common equity from continuing operations (non-GAAP) was 9.45% compared to 9.16% a year ago. Return on average tangible common equity consolidated (non-GAAP) was 9.90% compared to 9.42% a year ago. Book value per share as at December 31, 2013 was $11.25 compared to the last year as at December 31, 2012 was $10.78.
For the quarter, the company reported net loan charge-offs of $37 million against $58 million 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, 2013; Reports Net Loan Charge-offs for the Fourth Quarter Ended December 31, 2013