KeyCorp reports second quarter net loss, dividends announced

first_imgKeyCorp (NYSE: KEY) today announced a second quarternet loss from continuing operations attributable to Key of $236 million, or $.69 per common share. Per share results for the current quarter are after cash and deemed preferred stock dividends of $164 million, or $.28 per common share. These dividends include a noncash deemed dividend of $114 million related to the exchange of Key common shares for Key s Series A Preferred Stock as part of the company s efforts to raise an additional $1.8 billion of Tier 1 common equity, and a cash dividend payment of $31 million made to the U.S. Treasury Department under the Capital Purchase Program. Results for the current quarter compare to a net loss from continuing operations of $1.128 billion, or $2.71 per common share, for the second quarter of 2008.The loss for the current quarter is largely the result of an increase in the provision for loan losses. During the second quarter, Key continued to build its loan loss reserves by taking an $850 million provision for loan losses, which exceeded net charge-offs by $311 million. As of the end of the quarter, Key s allowance for loan losses was $2.5 billion, or 3.53% of total loans, up from $1.4 billion, or 1.87% one year ago. The loss for the year-ago quarter was largely attributable to a $1.011 billion after-tax charge recorded as a result of an adverse federal tax court ruling that impacted Key s accounting for certain lease financing transactions. Our results continue to reflect the weak economic environment and the aggressive steps we ve taken to address credit quality, strengthen our capital position and control costs as we manage through this difficult credit cycle, said Chief Executive Officer Henry L. Meyer III.During the second quarter, Key successfully raised more than $1.8 billion in new Tier 1 common equity as required by the Supervisory Capital Assessment Program ( SCAP ) initiated by the U.S. Treasury and, as of today, is well on its way to further supplement that amount through an additional offer to exchange common shares for retail capital securities, which is currently in progress. The additional capital will serve as a buffer in the event the U.S. economy worsens considerably through 2010. Throughout the current financial crisis, Key s capital ratios have remained in excess of the well-capitalized levels established by the federal regulators. At June 30, 2009, Key had a Tier 1 risk-based capital ratio of 12.42% and a Tier 1 common equity ratio of7.27%.Meyer continued: Key s fortified capital position will also enable us to support our clients borrowing needs and benefit from other business opportunities when the economy recovers. During the second quarter, Key originated approximately $8.2 billion in new or renewed loans and commitments to consumers and businesses. In conjunction with our efforts to improve Key s competitive position, late last year we initiated a process known as Keyvolution, a corporate-wide initiative designed to build a consistently superior experience for clients, simplify processes, improve speed to market and enhance Key s ability to seize growth and profit opportunities, Meyer said. Through this initiative, we expect to achieve annualized cost savings of $300 million to $375 million by 2012.Over the past fifteen months, we have been addressing certain noncore businesses, such as retailmarine and private student lending activities. We have also deployed new teller platform technology throughout our company. These and other efforts have resulted in a reduction in our employee workforce of approximately 8%, or 1,500 positions, over the fifteen month period.Compared to the year-ago quarter, our personnel costs are down 6%. Additionally, we have continued to build upon our relationship-based, client-focused business model. Our Community Banking business continues to benefit from these efforts as evidenced by a $2.7 billion, or 5%, increase in deposits compared to the second quarter of 2008.DIVIDENDSKeyCorp (NYSE: KEY) announced July 20, 2009, that its Board of Directors approved the following dividends for the third quarter, 2009:– A regular cash dividend of $0.01 per share of its common shares, or $0.04 per share on an annualized basis. The dividend is payable September 15, 2009 to shareholders of record on September 1, 2009.– A cash dividend of $1.9375 per share on the Corporation’s outstanding 7.750% Non-cumulative Perpetual Convertible Preferred Stock, Series A. The dividend is payable September 15, 2009 to holders of record on August 28, 2009, for the dividend period commencing on June 15, 2009.Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $98 billion. BusinessWeek Magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit is external). INVESTOR KEY MEDIA RELATIONS: is external) NEWSROOM : is external)SOURCE KeyCorp.last_img read more

Premier to find out All-Ireland camogie fate today

first_imgMeanwhile, There was dissapointment for the county’s U16A camogie side last night.Galway defeated the Premier County 7-14 to 1-6 in Group 2 of the All-Ireland Championship.The Tipp FM-sponsored team’s next outing is against Wexford on the 24th of this month. The Premier County have completed their Group 2 programme, which means their fate will be determined by the outcome of the clash between Dublin and Derry.The Dubs, who drew with Tipp last weekend, will claim a quarter-final place instead of Brian Boyle’s side if they record a big win over the Ulster county.That match at O’Toole Park, Crumlin, begins at 2.30pmlast_img

Sportech broadens gaming capacities with LOT.TO strategic investment

first_img Sportech highlights new client wins under lockdown June 26, 2020 StumbleUpon Submit Ian Hogg joins RPM Gaming as Chairman May 5, 2020 Related Articles Share Richard McGuire – SportechLSE-listed wagering and racing systems provider Sportech Plc has entered a ‘strategic alliance‘ with London-based iLottery systems provider LOT.TO – seeking to ‘broaden its suite of gaming opportunities’.Sportech has moved to acquire LOT.TO’s enterprise outright on a share-for-share basis. The transaction sees LOT.TO continue to operate as a stand-alone outfit, with Sportech confirming that ‘the acquisition would be non-material in the context of the group’.Richard McGuire, Executive Chairman of Sportech, explained: “The global gambling market is estimated to reach an annual turnover of US$ 635bn by 2020, with the lottery sector accounting for about 30% of that.“Our strategic alliance with LOT.TO will enhance our existing successful core lottery product and will help us to capitalise on the worldwide growth of lottery and lottery-style games and reach an ever-expanding digital audience.”Founded in 2016 by a team of seasoned digital and lottery executives led by Andrew Lindley, LOT.TO seeks to merge lottery, betting and community engagement dynamics, aiming to deliver next-generation lotto games for new audiences, with its inventory supported by best-in-class player account management systems.Andrew Lindley – LOT.TOBacking Sportech as lead investor, Andrew Lindley, CEO & Co-Founder of LOT.TO, stated: “For a worldwide appeal, no other gambling product comes close to lotteries.“Our future with Sportech is hugely exciting because our clients can benefit from the combination of Sportech’s proven robust processing technology and hardware and our innovative iLottery platform in a single offering as well as the obvious synergies in sports betting platforms. Together, we can offer clients a truly world-class omni-channel solution that’s incredibly powerful.” UK Tote gains international ‘commingling pool ecosystem’ with Sportech April 17, 2020 Sharelast_img read more

Suárez promises not to celebrate scoring against Liverpool at Anfield

first_imgLuis Suárez expects a warm reception on his return to Anfield and has claimed there will be no repeat of his Camp Nou celebrations should he score against Liverpool in Tuesday night’s Champions League semi-final.The Barcelona forward upset some of his former club’s supporters during last week’s first leg by celebrating his opening goal and goading Jürgen Klopp’s players; behaviour that was hardly out of character with his time at Liverpool.Suárez offered a qualified apology to any Liverpool fan annoyed by his reaction to scoring in Barcelona’s 3-0 victory and anticipates that, after 82 goals in 133 appearances for the Merseyside club, he will be well received at Anfield.“I think people know all the work I did here and that I am thankful for Liverpool,” said the Uruguay international. “I was here for three and a half years and the team had been four or five years without being in the Champions League. In the last year I was here we got in the Champions League so I think people know the work I did here.“I think there will be more applause than whistles for me. If people want to whistle and that makes them happy – there may be quite a few who are not happy – but I think there will be more who are happy and grateful. When you see the people in the kitchen here are waiting to give me presents for my children, then you see the love that is still there and the warmth that is still there for me. I have a son who was born here and this was the first stadium he went to. That says it all.”Suárez has not scored an away goal in the Champions League for over three years and promised to curb the celebrations should he end that drought in the second leg at Anfield.He added: “People who know about football and who love this sport know about the importance of my goal last week. I have all the respect in the world for Liverpool fans. Because I scored and celebrated with my fans I say sorry but the Liverpool fans would applaud me. I am very thankful to Liverpool, to the fans and the club, and obviously it is clear that, if I score a goal against Liverpool, I won’t celebrate it in the same way I didn’t celebrate in Holland when I scored [for Ajax against Groningen].”Of more importance to Suárez and Barcelona is reaching the Champions League final for the first time since they last won the competition in 2015. The Spanish champions have lost their last three Champions League semi-final ties away from home. Ernesto Valverde’s team are also anxious to avoid a repeat of last season’s quarter-final, when they were eliminated 4-4 on the away goals rule in Roma despite winning the first leg 4-1.Suárez said: “You have to be conscious that despite getting a good result in the first leg we have been on the receiving end of some tough blows, especially last year. We have what happened last year in our mind when coming into this game. We also have to be conscious that they have an extra man here. The fans are a 12th man for Liverpool given how much they get behind the team. We have to be careful and aware of that.”Valverde vowed Barcelona will not change their approach from the first leg and described the enforced absences of Mohamed Salah and Roberto Firmino as “big losses” for Liverpool. He also claimed the memory of Roma could help his team at Anfield.“Experiences are great because you learn from them,” the Barcelona coach said. “Last year we got a bad result in Rome but the advantage of football is it always gives you another opportunity. We know what is on the table tomorrow and what the opponent can bring to the table as well. We are mentally prepared for that. What you can’t do is even think of being complacent. Tomorrow we are in the semi-final of the Champions League and we understand how important this game is.” Source: Guardianlast_img read more