KeyCorp (NYSE:KEY) has released its earnings report for the first quarter of 2018.
KeyCorp’s earnings report for the first quarter of the year includes earnings per share of 38 cents. This is an increase over its earnings per share of 27 cents from the same period of the year prior. While it doesn’t beat Wall Street’s earnings per share estimate for the quarter, it does match it.
Net income reported by KeyCorp for the first quarter of 2018 was $418 million. The Ohio-based banking company reported net income of $324 million during the first quarter of the previous year.
Revenue reported by KeyCorp for the first quarter of the year came in at $1.55 billion. This is better than its revenue of $1.51 billion that was reported for the same time last year. However, it just missed analysts’ revenue estimate of $1.56 billion for the period.
KeyCorp notes that non-interest net income for the first quarter of 2018 was $601 million. This is up from its non-interest net income of $577 million from the first quarter of 2017. It attributes this increase to investments in fee-based businesses and a strong performance from its capital markets platform.
“Our fee-based businesses continue to demonstrate our ability to offer a full range of solutions to our clients, including off-balance sheet financing alternatives that helped drive our investment banking and debt placement business to a record first quarter level,” KeyCorp Chairman and CEO Beth Mooney said in a statement.
KEY stock was up 3% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
