Key Bank”™s taxable interest income ”“ a closely watched barometer of bank health ”“ rose 7.7 percent, when comparing Q2 2012 with Q2 2013.
The bank”™s taxable, net-interest income on the national level was $586 million for Q2 2013. That number is $42 million (7.7 percent) above its corresponding metric from 2012. It factors in $30 million in portfolio acquisitions ”“ new branches and new credit card portfolios ”“ that finalized in Q3 2012, but that found the Q2 ledgers.
Non-interest income declined $28 million (6.1 percent) quarter over quarter. The bank said the cause was “a gain on the early terminations of leveraged leases one year ago and a reduction in net gains” ”“ losses ”“ “from principal investing.” The decline included $14 million of investments associated with Key”™s acquisitions of branches and credit card portfolios.
During Q2, the bank witnessed a 13.9 percent uptick in commercial, financial and farming loan activity.
Average deposits also were up: $4.6 billion quarter over quarter, or 7.6 percent.
Key operates 1,028 branches between Alaska and Florida, including one in Stamford, Conn., and more than 150 across New York state.
