Good news for KeyCorp shareholders: Dividends are up, as are company profits.
Key”™s second quarter net income from continuing operations totaled $243 million, or $.25 per common share. For the first half of 2011, Key reported total net income of $427 million. The improved performance reflected continued improvement in credit quality, good expense control, and successful execution of Key”™s business plan, according to Ruth Mahoney, president of KeyBank”™s Hudson Valley/Metro New York region.
“Key”™s second quarter results represent another step forward for our company,” said Chairwoman and CEO Beth Mooney in a prepared statement. “Our results reflected continued improvement in credit quality, disciplined expense management and continued execution of our business plan. We believe key is well positioned for growth based on our strong capital, balance sheet and liquidity.”
Mooney said Key originated nearly $9.5 million in new or renewed loans and commitments to consumers and businesses during the second quarter of the year.
“Locally, we are doing well in the Hudson Valley, having seen somewhat cautious spending on the part of consumers and businesses,” said Mahoney. “Since the beginning of the year, we”™ve added 10 new positions to our staff. Overall, all our teams are performing well, and we are consistently ranked in the top fifth of the company nationally for all segments of the business.”
KeyCorp trades on the New York Stock Exchange under the symbol KEY.
