KeyCorp announced Q2/15 net income of $230 million compared to $242 million for Q2/14. The company noted the Q2/15 provision for credit losses was $41 million, compared to $12 million in the year-ago quarter primarily resulting from a $34 million year/year loss provision increase in the Corporate Bank.

For the six months ended June 30, 2015, net income was $452 million compared to $474 million for the same period one year ago.

The following highlights were excerpted from the KeyCorp news release:

  • Commercial lease financing average balance for the first six months was $4.025 billion, down from $4.348 billion a year earlier. Interest income of $72 million was down from $80 million. Yield was 3.57% down from 3.67% in 2014.
  • The Q2/15 net interest margin of 2.88% was down from 2.98% in Q2/14.
  • Average loans up 4.3% in Q2/15 compared to Q2/14, driven by 9.7% growth in commercial, financial and agricultural loans.
  • Q2/15 net interest income was up $12 million compared to Q2/14, as higher earning asset balances offset lower earning asset yields.
  • Q2/15 noninterest income up $33 million compared to Q2/14 due to a record quarter for investment banking and debt placement fees and growth in other core fee-based businesses.

“Revenue benefited from positive trends in our core fee-based businesses, including investment banking and debt placement fees, which had a record quarter and was up 42% from the prior year. We also had momentum in trust and investment services and cards and payments income. Average loans continued to grow, driven by commercial, financial and agricultural loans, which were up 10% from one year ago,” said chairman and CEO Beth Mooney.

Access the full KeyCorp release here.