KeyBank 2006 Annual Report Download - page 14

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14 5Key 2006
Focus. Alignment. Accountability.
Spend five minutes with Vice Chair Tom
Bunn talking strategy for Key National
Banking (KNB) and you’ll hear those
three words at least once. Spend an hour
and they will be repeated enough for you
to know – very clearly – just how impor-
tant those concepts were to the success of
the KNB organization in 2006.
Building lasting, profitable client rela-
tionships, Bunn says, requires focusing on
those clients where Key can make a dif-
ference; aligning the optimal set of busi-
nesses and professional expertise around
those targeted clients; and developing an
organization that holds itself consistently
accountable for teamwork and results
that create value for both clients and Key
shareholders.
This disciplined business approach
helped drive strong 2006 financial results.
“Wehad a good – and balanced – year in
2006,” Bunn says. “That’s gratifying dur-
ing a period when the inverted yield curve
made for tough sledding in some busi-
nesses.”
Accounting for 59 percent of Key’s
total earnings, National Banking earned
$701 million in 2006 from continuing
operations, up 11 percent from the pre-
vious year.Bolstered by an increase in fees
from investment banking and capital
markets activities, noninterest income
increased 9 percent to $1.1 billion. Total
revenue increased to $2.5 billion, up 9
percent, as average commercial loans and
leases outstanding increased by 10 per-
cent, to $37.8 billion, and average com-
mercial deposits grew 43 percent, to
$10.9 billion.
KNB’s diverse business mix enables
Key clients to lease jets, telecommunica-
tions or computer equipment; finance
major shopping malls or 300-home
developments; borrow for a yacht or their
children’seducation; take their private
company public; or obtain advice on the
management of company pension funds
or investment portfolios, among many
other services.
NATIONAL BANKING
ASOLID
AND BALANCED
2006
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