On Tuesday, April 17, KeyCorp (NYSE:KEY) released earnings for the first quarter ended March 31. Here are the quick and dirty details.

  • Total reported revenue grew 12.5% to $1.3 billion, but comparisons were difficult due to a number of adjustments. According to management, "the first-quarter sales of the McDonald Investments branch network and the Champion Mortgage loan origination platform improve our risk profile and focus on the company's core relationship businesses."

  • Reported net interest income fell 3% as the net interest margin fell to 3.5%. Management cited a difficult interest rate environment and the inverted yield curve during the quarter.

  • Subprime concerns don't appear to be causing a stir at KeyCorp, a bank based in Cleveland, Ohio, because management doesn't see any major issues and recently sold its Champion loan portfolio.

  • Total reported diluted earnings grew 24.3% to $0.87, but stripping out the above sales, continuing earnings came in at $0.66, according to the company.

  • KeyCorp carries a lowly one-star rating in Motley Fool CAPS, as does crosstown rival National City (NYSE:NCC) and regional peer Fifth Third (NASDAQ:FITB).

(Figures in millions, except per-share data)

Income Statement Highlights

Q1 2007

Q1 2006

Change

Total Revenue

$1,310.0

$1,164.0

12.5%

Net Interest Income

$700.0

$722.0

(3%)

Net Profit

$350.0

$289.0

21.1%

EPS

$0.87

$0.70

24.3%

Adjusted EPS*

$0.89

$0.66

34.8%

*Non-GAAP earnings as reported by the company.

Get back to basics with a look at the income statement.

Ratio Checkup

Q1 2007

Q1 2006

Change*

Net Interest Margin

3.50%

3.72%

(0.22%)

Efficiency Ratio

No data

No data

No data

Nonperforming Assets / Assets

0.38%

0.34%

0.04%

Return on Average Assets

1.58%

1.23%

0.35%

Return on Average Equity

19.06%

14.67%

4.39%

*Expressed in percentage points

Find out more about bank ratios.

Balance Sheet Highlights

Assets

Q1 2007

Q1 2006

Change

Investments

 $11,377

 $10,476

8.6%

Loans

 $69,886

 $70,611

(1%)

Liabilities

Q1 2007

Q1 2006

Change

Deposits

 $59,773

 $59,402

0.6%

Total Liabilities

 $85,500

 $85,753

(0.3%)

Period-end balances.

Learn about bank assets and bank liabilities.

For related Foolishness:

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. The Fool has an ironclad disclosure policy. Feel free to email him with feedback or to discuss any companies mentioned further.