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Keycorp


KeyCorp is a publicly traded company having a good stock performance result. Keycorp is a fortune 500 stock listed company trading under Key. KeyCorp is one of the nation’s largest bank-based financial services companies with consolidated total assets of 93.1 billion dollars at December 31, 2005. KeyCorp’s subsidiaries provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual.
 
KeyCorp recorded the highest net income in its 181-year history in 2005 1.13 billion dollars, or 2.73 dollars per diluted common share. That result compares with earnings of 954 million dollars, or 2.30 dollars per share, in 2004. The 18.7 percent increase in per-share earnings exceeded their long-range annual goal of 8 to 10 percent growth. This performance reflects the continued strengthening during the year of several business fundamentals.
 
Taxable-equivalent revenue raised 361million dollars in 2005, to 4.99 billion dollars, a 7.8 percent increase over the prior year. Growth in both of the company’s revenue sources net interest income and no interest income contributed to the increase. Net interest income benefited from strong growth in commercial loans, whose average balances rose by 18.5 percent over 2004 levels. Also helpful was a 6 basis point improvement in KeyCorp net interest margin in 2005, the result of actions took in prior years to position Key for a rising interest rate environment.
 
Corporate and Investment Banking earned 615 million dollars in 2005, up 16 percent from 532 million dollars in 2004. The increase in 2005 was the result of significant growth in net interest income and higher no interest income. The growth in net interest income reflected strong growth in average loans and leases, bolstered by the acquisition of the equipment leasing unit of American Express’ small business division in the fourth quarter of 2004 and a higher level of deposits.
 
This acquisition increased KeyCorp’s commercial mortgage servicing portfolio from 44 billion dollars at September 30, 2005, to more than 70 billion dollars. In the prior quarter, KeyCorp expanded the FHA financing and servicing capabilities by acquiring Malone Mortgage Company, also based in Dallas. As of December 31, 2005, these services were provided across much of the country through subsidiaries operating 947 Key Centers.
 
 

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