This is the Key (KEY) reports Pennystockfinder.ca

Keycorp Bank, one of the nations top 15 lenders reported its results today. The company reported net income of $240 million or 25 cents a share. Provision for loan losses in the quarter were -8 million despite having over $120 million in charge-offs.

A provision is supposed to recover future loan losses while a charge-off is a loss that has occurred in the quarter. The company shrunk its loan balance in the quarter which may be related to its lower provisions. The company also had -40 million in provisions in the prior quarter.

Tangible book value improved to $8.9 a share from $8.59. The tier 1 ratio is now at an astounding 11% and well above industry levels. The company returned over 11% on tangible equity.

The stock is currently un-traded in the AM.