Rochester, NY 7/30/2009 8:34:38 AM
After Market - KeyCorp KEY, KeyCorp and Two other Companies Report Bad Loans Rise in Quarter
KeyCorp
KeyCorp, Wells Fargo & Co., and SunTrust Banks Inc. report a rise on company’s bad loans by second quarter of this year. Further report, Morgan Stanley posted a bigger-than-expected loss on costs to repay U.S. aid.
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KeyCorp, Wells Fargo & Co., and SunTrust Banks Inc. each reported at least an 18 percent rise in loans that weren’t collecting interest, signaling further losses as borrowers fall behind on payments.
“The banks are not pointing to the sun getting ready to come out,” said Jeff Davis, an analyst at FTN Capital Markets Corp. “All these banks need the economy to turn and asset prices to firm with better bids to clear out the backlog.”
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