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KeyCorp Reports Fourth Quarter 2018 Net Income Of $459 Million, Or $.45 Per Common Share

4Q18 results included a net impact of $.03 per common share related to notable items: a pension settlement charge and efficiency initiative expenses

Sixth consecutive year of positive operating leverage with record full-year revenue of $6.4 billion

Cash efficiency ratio and return on average tangible common equity improved over 300 basis points vs. the prior year

Strong credit quality: 4Q18 net charge-offs to average loans of .27%

Significant capital return: 62% increase in common share dividend and over $1.1 billion share repurchases in 2018

CLEVELAND, Jan. 17, 2019 /PRNewswire/ -- KeyCorp (KEY) today announced net income from continuing operations attributable to Key common shareholders of $459 million, or $.45 per common share for the fourth quarter of 2018, compared to $468 million, or $.45 per common share, for the third quarter of 2018 and $181 million, or $.17 per common share, for the fourth quarter of 2017. During the fourth quarter of 2018, Key's results included notable items resulting in a net impact of $.03 per common share, consisting of a pension settlement charge and efficiency initiative expenses. No notable items were reported in the third quarter of 2018, however, notable items resulting in a net impact of $.19 per common share were reported in the fourth quarter of 2017.

For the year ended December 31, 2018, net income from continuing operations attributable to Key common shareholders was $1.8 billion, or $1.70 per common share, compared to $1.2 billion, or $1.12 per common share, for the same period one year ago.

"Key's fourth quarter results marked a strong finish to a successful year for our company, as we continued to grow, invest for our future, and deliver on our financial commitments. We achieved our sixth consecutive year of positive operating leverage, with a record $6.4 billion of total revenue and all-time highs in several of our fee-based businesses, including investment banking and debt placement fees. Our expenses remain well-managed, as we maintain our focus on efficiency, while continuing to invest in our businesses. We remain committed to reducing expenses in 2019 and achieving our $200 million cost savings target.

"Importantly, our credit quality remains strong, driven by our commitment to maintain a moderate risk profile and disciplined underwriting standards. In the fourth quarter, net charge-offs to average loans were .27%, below our targeted range, and nonperforming loans declined over $100 million from the prior quarter.

"We have also delivered on our capital priorities, including returning capital to our shareholders. Throughout 2018, we increased our common share dividend 62%, and repurchased over $1.1 billion of common shares. Despite the decline in the market and continued volatility, we remain focused on delivering profitable growth and driving improved returns."  

-       Beth Mooney, Chairman and CEO

Selected Financial Highlights















dollars in millions, except per share data





Change 4Q18 vs.



4Q18

3Q18

4Q17


3Q18

4Q17

Income (loss) from continuing operations attributable to Key common shareholders

$

459


$

468


$

181



(1.9)

%

153.6

%

Income (loss) from continuing operations attributable to Key common shareholders per 
     common share — assuming dilution

.45


.45


.17




164.7


Return on average tangible common equity from continuing operations (a)

16.40

%

16.81

%

6.35

%


N/A


N/A


Return on average total assets from continuing operations

1.37


1.40


.57



N/A


N/A


Common Equity Tier 1 ratio (b)

9.92


9.95


10.16



N/A


N/A


Book value at period end

$

13.90


$

13.33


$

13.09



4.3

%

6.2

%

Net interest margin (TE) from continuing operations

3.16

%

3.18

%

3.09

%


N/A


N/A












(a)

The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "Return on average tangible common equity from continuing operations." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(b)

12/31/18 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

 

 

INCOME STATEMENT HIGHLIGHTS














Revenue














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Net interest income (TE)

$

1,008


$

993


$

952



1.5

%

5.9

%

Noninterest income

645


609


656



5.9


(1.7)


Total revenue

$

1,653


$

1,602


$

1,608



3.2

%

2.8

%









TE = Taxable Equivalent


 

Taxable-equivalent net interest income was $1.0 billion for the fourth quarter of 2018, and the net interest margin was 3.16%, compared to taxable-equivalent net interest income of $952 million and a net interest margin of 3.09% for the fourth quarter of 2017, reflecting the benefit from higher interest rates and higher earning asset balances. Fourth quarter 2018 net interest income included $23 million of purchase accounting accretion, a decline of $15 million from the fourth quarter of 2017.

Compared to the third quarter of 2018, taxable-equivalent net interest income increased by $15 million, and the net interest margin declined by two basis points. Net interest income benefited from higher earning asset balances, while the overall decline in the net interest margin reflects the impact of lower purchase accounting accretion.

Noninterest Income














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Trust and investment services income

$

121


$

117


$

131



3.4

%

(7.6)

%

Investment banking and debt placement fees

186


166


200



12.0


(7.0)


Service charges on deposit accounts

84


85


89



(1.2)


(5.6)


Operating lease income and other leasing gains

28


35


27



(20.0)


3.7


Corporate services income

58


52


56



11.5


3.6


Cards and payments income

68


69


77



(1.4)


(11.7)


Corporate-owned life insurance income

39


34


37



14.7


5.4


Consumer mortgage income

7


9


7



(22.2)



Mortgage servicing fees

21


19


17



10.5


23.5


Other income

33


23


15



43.5


120.0


Total noninterest income

$

645


$

609


$

656



5.9

%

(1.7)

%








 

Key's noninterest income was $645 million for the fourth quarter of 2018, compared to $656 million for the year-ago quarter. Trust and investment services income declined $10 million, related to the sale of Key Insurance and Benefits Services in the second quarter of 2018. Cards and payments income and service charges on deposit accounts were impacted by the 2018 adoption of the revenue recognition accounting standard. Excluding the revenue recognition changes, both of these line items grew from the prior year. Investment banking and debt placement fees were lower, following a record fourth quarter in 2017. Partially offsetting these declines were increases in other income and mortgage servicing fees.

Compared to the third quarter of 2018, noninterest income increased by $36 million, driven by momentum in many of Key's core fee-based businesses. Investment banking and debt placement fees increased $20 million, largely related to strength in commercial mortgage banking and advisory fees. Corporate services income reflected higher derivatives and trading income, and trust and investment services income grew, largely due to stronger brokerage commissions.

Noninterest Expense














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Personnel expense

$

576


$

553


$

609



4.2

%

(5.4)

%

Nonpersonnel expense

436


411


489



6.1


(10.8)


Total noninterest expense

$

1,012


$

964


$

1,098



5.0

%

(7.8)

%









 

Key's noninterest expense was $1.0 billion for the fourth quarter of 2018, compared to $1.1 billion in the year-ago quarter. Personnel expense declined year-over-year, driven by lower incentive compensation and employee benefits costs, partially offset by increased severance expense related to Key's efficiency initiative. Net occupancy and marketing expenses also declined, largely related to merger-related charges in the fourth quarter of 2017. In the fourth quarter of 2018, Key's FDIC assessment costs decreased, due to the elimination of the FDIC quarterly surcharge.

Compared to the third quarter of 2018, noninterest expense increased by $48 million. The increase was primarily driven by notable items in the quarter - efficiency initiative expenses of $24 million and a $17 million pension settlement charge (reported in other expense). Business services and professional fees and other expense increased, but were partially offset by the benefit from the FDIC surcharge elimination.

 BALANCE SHEET HIGHLIGHTS

Average Loans














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Commercial and industrial (a)

$

45,129


$

44,749


$

41,289



.8

%

9.3

%

Other commercial loans

20,899


20,471


21,040



2.1


(.7)


Home equity loans

11,234


11,415


12,128



(1.6)


(7.4)


Other consumer loans

12,026


11,832


11,549



1.6


4.1


Total loans

$

89,288


$

88,467


$

86,006



.9

%

3.8

%










(a)

Commercial and industrial average loan balances include $132 million,  $128 million, and $119 million of assets from commercial credit cards at December 31, 2018, September 30, 2018, and December 31, 2017, respectively.


           

Average loans were $89.3 billion for the fourth quarter of 2018, an increase of $3.3 billion compared to the fourth quarter of 2017, reflecting broad-based growth in commercial and industrial loans, partially offset by higher paydowns in home equity lines of credit.

Compared to the third quarter of 2018, average loans increased by $821 million, driven by growth in commercial real estate and commercial and industrial loans.

Average Deposits














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Non-time deposits

$

94,480


$

92,414


$

92,251



2.2

%

2.4

%

Certificates of deposit ($100,000 or more)

8,217


8,186


6,776



.4


21.3


Other time deposits

5,255


5,026


4,771



4.6


10.1


Total deposits

$

107,952


$

105,626


$

103,798



2.2

%

4.0

%








Cost of total deposits

.64

%

.53

%

.31

%


N/A


N/A










N/A = Not Applicable

 

Average deposits totaled $108.0 billion for the fourth quarter of 2018, an increase of $4.2 billion compared to the year-ago quarter, reflecting growth in higher-yielding deposit products, as well as strength in Key's retail banking franchise and growth from commercial relationships.

Compared to the third quarter of 2018, average deposits increased by $2.3 billion, driven primarily by the penetration of existing retail and commercial relationships, as well as short-term and seasonal deposit inflows.

ASSET QUALITY














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Net loan charge-offs

$

60


$

60


$

52




15.4

%

Net loan charge-offs to average total loans

.27

%

.27

%

.24

%


N/A


N/A


Nonperforming loans at period end (a)

$

542


$

645


$

503



(16.0)

%

7.8


Nonperforming assets at period end (a)

577


674


534



(14.4)


8.1


Allowance for loan and lease losses

883


887


877



(.5)


.7


Allowance for loan and lease losses to nonperforming loans (a)

162.9

%

137.5

%

174.4

%


N/A


N/A


Provision for credit losses

$

59


$

62


$

49



(4.8)

%

20.4

%










(a)

Nonperforming loan balances exclude $575 million, $606 million, and $738 million of purchased credit impaired loans at December 31, 2018, September 30, 2018, and December 31, 2017, respectively.

N/A = Not Applicable

 

Key's provision for credit losses was $59 million for the fourth quarter of 2018, compared to $49 million for the fourth quarter of 2017 and $62 million for the third quarter of 2018. Key's allowance for loan and lease losses was $883 million, or .99% of total period-end loans at December 31, 2018, compared to 1.01% at December 31, 2017, and .99% at September 30, 2018.

Net loan charge-offs for the fourth quarter of 2018 totaled $60 million, or .27% of average total loans. These results compare to $52 million, or .24%, for the fourth quarter of 2017, and $60 million, or .27%, for the third quarter of 2018.

At December 31, 2018, Key's nonperforming loans totaled $542 million, a decline of $103 million from the prior quarter, which represented .61% of period-end portfolio loans. These results compare to .58% at December 31, 2017, and .72% at September 30, 2018. Nonperforming assets at December 31, 2018, totaled $577 million, and represented .64% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to .62% at December 31, 2017, and .75% at September 30, 2018.

CAPITAL

Key's estimated risk-based capital ratios included in the following table continued to exceed all "well-capitalized" regulatory benchmarks at December 31, 2018.

Capital Ratios









12/31/2018

9/30/2018

12/31/2017

Common Equity Tier 1 (a)

9.92

%

9.95

%

10.16

%

Tier 1 risk-based capital (a)

11.07


11.11


11.01


Total risk based capital (a)

12.88


12.99


12.92


Tangible common equity to tangible assets (b)

8.30


8.05


8.23


Leverage (a)

9.93


10.03


9.73








(a)

12/31/2018 ratio is estimated.

(b)

The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. See below for further information on the Regulatory Capital Rules.

 

Key's capital position remained strong in the fourth quarter of 2018. As shown in the preceding table, at December 31, 2018, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 9.92% and 11.07%, respectively. Key's tangible common equity ratio was 8.30% at December 31, 2018.

As a "standardized approach" banking organization, Key's mandatory compliance with the final Basel III capital framework for U.S. banking organizations (the "Regulatory Capital Rules") began on January 1, 2015, subject to transitional provisions. Key's estimated Common Equity Tier 1 ratio as calculated under the fully phased-in Regulatory Capital Rules was 9.83% at December 31, 2018.  This estimate exceeds the fully phased-in required minimum Common Equity Tier 1 and Capital Conservation Buffer of 7.00%.

Summary of Changes in Common Shares Outstanding













in thousands





Change 4Q18 vs.



4Q18

3Q18

4Q17


3Q18

4Q17

Shares outstanding at beginning of period

1,034,287


1,058,944


1,079,039



(2.3)

%

(4.1)

%

Open market repurchases and return of shares under employee 
     compensation plans

(15,216)


(25,418)


(10,617)



(40.1)


43.3


Shares issued under employee compensation plans (net of cancellations)

432


761


662



(43.2)


(34.7)



Shares outstanding at end of period

1,019,503


1,034,287


1,069,084



(1.4)

%

(4.6)

%









 

Consistent with Key's 2018 Capital Plan, during the fourth quarter of 2018, Key declared a dividend of $.17 per common share and completed $278 million of common share repurchases. Key's remaining share repurchase authorization consistent with the 2018 Capital Plan (which continues through the second quarter of 2019) is $405 million.

LINE OF BUSINESS RESULTS

The following table shows the contribution made by each major business segment to Key's taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

Major Business Segments















dollars in millions





Change 4Q18 vs.



4Q18

3Q18

4Q17


3Q18

4Q17

Revenue from continuing operations (TE)







Key Community Bank

$

1,022


$

994


$

961



2.8

%

6.3

%

Key Corporate Bank

581


574


605



1.2


(4.0)


Other Segments

53


24


41



120.8


29.3



Total segments

1,656


1,592


1,607



4.0


3.0


Reconciling Items

(3)


10


1



N/M


N/M



Total

$

1,653


$

1,602


$

1,608



3.2

%

2.8

%









Income (loss) from continuing operations attributable to Key







Key Community Bank

$

261


$

241


$

152



8.3

%

71.7

%

Key Corporate Bank

215


199


223



8.0


(3.6)


Other Segments

45


22


48



104.5


(6.3)



Total segments

521


462


423



12.8

%

23.2


Reconciling Items

(39)


20


(228)



N/M


N/M



Total

$

482


$

482


$

195




147.2

%










TE = Taxable Equivalent, N/M = Not Meaningful

 

 

Key Community Bank





















dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Summary of operations







Net interest income (TE)

$

744


$

726


$

674



2.5

%

10.4

%

Noninterest income

278


268


287



3.7


(3.1)


Total revenue (TE)

1,022


994


961



2.8


6.3


Provision for credit losses

48


43


57



11.6


(15.8)


Noninterest expense

633


635


665



(.3)


(4.8)


Income (loss) before income taxes (TE)

341


316


239



7.9


42.7


Allocated income taxes (benefit) and TE adjustments

80


75


87



6.7


(8.0)


Net income (loss) attributable to Key

$

261


$

241


$

152



8.3

%

71.7

%








Average balances







Loans and leases

$

47,976


$

47,862


$

47,408



.2

%

1.2

%

Total assets

51,881


51,740


51,398



.3


.9


Deposits

84,288


82,259


80,352



2.5


4.9









Assets under management at period end

$

36,775


$

40,575


$

39,588



(9.4)

%

(7.1)

%









TE = Taxable Equivalent

 

 

Additional Key Community Bank Data














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Noninterest income







Trust and investment services income

$

90


$

90


$

87




3.4

%

Service charges on deposit accounts

72


72


77




(6.5)


Cards and payments income

61


59


67



3.4

%

(9.0)


Other noninterest income

55


47


56



17.0


(1.8)


Total noninterest income

$

278


$

268


$

287



3.7

%

(3.1)

%








Average deposit balances







NOW and money market deposit accounts

$

47,310


$

45,967


$

44,415



2.9

%

6.5

%

Savings deposits

4,777


4,923


5,090



(3.0)


(6.1)


Certificates of deposit ($100,000 or more)

6,169


5,608


4,628



10.0


33.3


Other time deposits

5,244


5,019


4,765



4.5


10.1


Noninterest-bearing deposits

20,788


20,742


21,454



.2


(3.1)


Total deposits

$

84,288


$

82,259


$

80,352



2.5

%

4.9

%








Home equity loans







Average balance

$

11,144


$

11,317


$

12,005





Combined weighted-average loan-to-value ratio (at date of origination)

70

%

70

%

70

%




Percent first lien positions

60


60


60












Other data







Branches

1,159


1,166


1,197





Automated teller machines

1,505


1,518


1,572












 

Key Community Bank Summary of Operations (4Q18 vs. 4Q17)

  • Positive operating leverage compared to the prior year
  • Net income increased $109 million, or 71.7%, from the prior year
  • Average commercial and industrial loans increased $1.0 billion, or 5.6%, from the prior year

Key Community Bank recorded net income attributable to Key of $261 million for the fourth quarter of 2018, compared to $152 million for the year-ago quarter, benefiting from momentum in Key's core businesses, expense discipline, and a lower tax rate as a result of tax reform.

Taxable-equivalent net interest income increased by $70 million, or 10.4%, from the fourth quarter of 2017. The increase in net interest income was primarily attributable to the benefit from higher interest rates and loan growth, partially offset by lower purchase accounting accretion. Average loans and leases increased $568 million, or 1.2%, largely driven by a $1.0 billion, or 5.6%, increase in commercial and industrial loans. Additionally, average deposits increased $3.9 billion, or 4.9%, from the fourth quarter of 2017 due to strength in our relationship strategy.

Noninterest income decreased $9 million, or 3.1%, from the year-ago quarter driven by lower service charges on deposit accounts and cards and payments income, which were impacted by revenue recognition changes.  Excluding the impact of the accounting change, both businesses grew from the prior period, related to continued household growth.

The provision for credit losses decreased by $9 million, or 15.8%, from the fourth quarter of 2017. Net loan charge-offs increased $7 million from the fourth quarter of 2017 driven by a larger balance sheet.

Noninterest expense decreased by $32 million, or 4.8%, from the year-ago quarter. Both personnel and nonpersonnel expense declined, driven by strong expense discipline across the businesses while continuing to invest strategically for growth.

Key Corporate Bank





















dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Summary of operations







Net interest income (TE)

$

272


$

273


$

284



(.4)

%

(4.2)

%

Noninterest income

309


301


321



2.7


(3.7)


Total revenue (TE)

581


574


605



1.2


(4.0)


Provision for credit losses

12


20


(6)



(40.0)


N/M


Noninterest expense

329


316


352



4.1


(6.5)


Income (loss) before income taxes (TE)

240


238


259



.8


(7.3)


Allocated income taxes and TE adjustments

25


39


36



(35.9)


(30.6)


Net income (loss) attributable to Key

$

215


$

199


$

223



8.0

%

(3.6)

%








Average balances







Loans and leases

$

40,438


$

39,714


$

37,457



1.8

%

8.0

%

Loans held for sale

2,249


1,042


1,345



115.8


67.2


Total assets

48,853


46,860


44,501



4.3


9.8


Deposits

21,793


21,056


21,558



3.5

%

1.1

%









TE = Taxable Equivalent, N/M = Not Meaningful

 

 

Additional Key Corporate Bank Data














dollars in millions





Change 4Q18 vs.


4Q18

3Q18

4Q17


3Q18

4Q17

Noninterest income







Trust and investment services income

$

30


$

27


$

33



11.1

%

(9.1)

%

Investment banking and debt placement fees

178


162


195



9.9


(8.7)


Operating lease income and other leasing gains

24


34


25



(29.4)


(4.0)









Corporate services income

43


37


40



16.2


7.5


Service charges on deposit accounts

12


13


12



(7.7)



Cards and payments income

7


10


10



(30.0)


(30.0)


Payments and services income

62


60


62



3.3










Mortgage servicing fees

18


15


15



20.0


20.0


Other noninterest income

(3)


3


(9)



N/M


N/M


Total noninterest income

$

309


$

301


$

321



2.7

%

(3.7)

%









N/M = Not Meaningful


 

Key Corporate Bank Summary of Operations (4Q18 vs. 4Q17)

  • Record year for investment banking and debt placement fees
  • Commercial and industrial loans up $2.8 billion, or 12.7%, from prior year

Key Corporate Bank recorded net income attributable to Key of $215 million for the fourth quarter of 2018, compared to $223 million for the year-ago quarter.

Taxable-equivalent net interest income decreased by $12 million, or 4.2%, compared to the fourth quarter of 2017.  This decline is related to lower purchase accounting accretion, as well as loan spread compression.  Average loan and lease balances increased $3 billion, or 8%, from the year-ago quarter, driven by broad-based growth in commercial and industrial loans. Average deposit balances increased $235 million, or 1.1%, from the year-ago quarter, driven by growth in core deposits.

Noninterest income was down $12 million, or 3.7%, from the prior year.  Investment banking and debt placement fees decreased $17 million, or 8.7%, from a record quarter in the year-ago period.  This decrease was partially offset by increases in other noninterest income of $6 million related to higher gains on certain tax-advantaged assets, as well as higher mortgage servicing fees of $3 million.

During the fourth quarter of 2018, the provision for credit losses increased $18 million compared to the fourth quarter of 2017, mostly related to loan growth.

Noninterest expense decreased by $23 million, or 6.5%, from the fourth quarter of 2017. The decrease from the prior year was largely driven by lower personnel expense. The prior year also had higher impairments on certain tax-advantaged assets related to tax reform. These decreases are slightly offset by higher volumes driving increased operating lease expense.

Other Segments

Other Segments consist of Corporate Treasury, Key's Principal Investing unit, and various exit portfolios. Other Segments generated net income attributable to Key of $45 million for the fourth quarter of 2018, compared to $48 million for the same period last year.

*****

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $139.6 billion at December 31, 2018.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts.  Forward-looking statements usually can be identified by the use of words such as "goal," "objective," "plan," "expect," "assume," "anticipate," "intend," "project," "believe," "estimate," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete.  Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2017, as well as in KeyCorp's subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission (the "SEC") and are available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov).  These factors may include, among others: deterioration of commercial real estate market fundamentals, adverse changes in credit quality trends, declining asset prices, a reversal of the U.S. economic recovery due to financial, political, or other shocks, and the extensive regulation of the U.S. financial services industry. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

 

Notes to Editors:
A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at https://www.key.com/ir at 9:00 a.m. ET, on Thursday, January 17, 2019.  An audio replay of the call will be available through January 27, 2019.

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KeyCorp
Fourth Quarter 2018
Financial Supplement

 

Financial Highlights

(dollars in millions, except per share amounts)




Three months ended




12/31/2018

9/30/2018

12/31/2017

Summary of operations





Net interest income (TE)

$

1,008


$

993


$

952



Noninterest income

645


609


656




Total revenue (TE)

null