KeyCorp reports Q1 EPS 38c, consensus 41c
Reports Q1 revenue $1.52B, consensus $1.6B. Reports Q1 book value per share $14.31. Reports Q1 net charge-offs .29%. Reports Q1 CET1 capital ratio 9.84%. The company said, "Our results this quarter reflect solid underlying trends in our core businesses, strong expense management and continued strength in credit quality. Revenue benefitted from continued balance sheet growth, including an 8% increase in commercial and industrial loans from the same period last year, and a 5% increase in average deposits. Fee income this quarter declined, primarily due to lower capital markets income, driven by both seasonality and the timing in closing certain transactions. We continued to execute against our continuous improvement plans across the company, driving a meaningful reduction in our expenses, down 7%, excluding notable items, from the year-ago period. Importantly, we remain confident in reaching our targeted cash efficiency ratio of 54% to 56% in the second half of 2019."