KeyCorp reports Q1 EPS 33c, consensus 32c

Reports Q1 revenue $1.77B, consensus $1.75B. Reports Q1 CET1 capital ratio 11.8%. Reports Q1 tangible book value per share $12.40.The company said, “Our first quarter results marked a strong beginning to the year. Revenue was up 16% year-over-year while expenses were essentially flat. We achieved both absolute and fee-based positive operating leverage on a year-over-year basis. Sequentially, net interest income grew 4% and the net interest margin increased by 17 basis points to 2.58%. On an adjusted basis(a), pre-provision net revenue increased more than $90 million from the prior quarter. Credit quality remained strong, with credit migration trends improving for the fifth consecutive quarter.”