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KeyCorp reports lower Q3 net interest income, NIM YOY

Cleveland-based KeyCorp reported third-quarter income from continuing operations attributable to common shareholders of $383 million, or 38 cents per share, compared with $468 million, or 45 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 46 cents.

On a taxable-equivalent basis, net interest income decreased year over year to $980 million from $993 million. The decrease in net interest income reflects a lower net interest margin, driven by higher interest-bearing deposit costs and lower loan fees. Additionally, purchase accounting accretion declined $9 million. These declines were partially offset by higher earning asset balances.

On a taxable-equivalent basis, net interest margin was 3.00% in the third quarter, compared to 3.06% in the linked quarter and 3.18% in the year-ago quarter.

Total loans at the end of the third quarter were $92.76 billion, compared to $91.94 billion at the end of the second quarter and $89.27 billion at the end of the third quarter of 2018.

Total deposits were $111.65 billion as of Sept. 30, compared to $109.95 billion as of June 30, and $105.78 billion as of Sept. 30, 2018.

Provision for credit losses was $200 million in the third quarter, up from $74 million in the second quarter and up from $62 million in the year-ago quarter.