KeyBank 2011 Annual Report Download - page 5

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To our fellow
shareholders:
2011 was a significant year
for Key. We continued to
strengthen our balance
sheet and show impressive
improvement in our credit
quality. We reached an
“inflection point” in growing
our loan portfolio. We
strengthened the alignment
of our franchise across
business lines to serve
our clients, focusing on
specific client segments
and industries. And,
perhaps most noteworthy,
we accomplished all of this
while navigating through the
ongoing challenges of the
economy and changes in
the regulatory environment.
As a result, we have
emerged as a stronger,
more focused company,
positioned to build
momentum and deliver
sustainable profitability as
we pursue our long-term
growth strategy.
Our focused actions
delivered improved results
in 2011. Full-year net
income from continuing
operations was $857 million,
or $0.92 per common share,
compared with $413 million,
or $0.47 per common share,
in 2010. This performance
reflects our successes in
improving our risk profile,
strengthening our credit
culture, driving loan growth,
controlling expenses and
executing our relationship-
oriented business strategy.
With a clear focus on
execution, customer service
and profitable growth, we
are now in an excellent
position to demonstrate
what makes Key truly
different for our customers
and shareholders. Our
business model is unique
because it allows us to
provide superior service
through the alignment and
integration of our Corporate
and Community banks. That
difference is at the heart
of our strategy, which is to
grow by building enduring
relationships through
client-focused solutions
and extraordinary service.
letter to shareholders
As shown on the cover, the
theme of this annual report
is “Strong, Focused, and
Building Momentum.” Those
words accurately describe
where Key is today – poised
for a bright future. Here’s
why we feel this way:
Strong. First and foremost,
our financial position is
strong and getting stronger,
thanks to the diligent efforts
of our entire team to
improve our balance sheet,
strengthen our capital and
reduce the risk in our
portfolio. We are committed
to maintaining a strong
capital position and
meeting the new Basel III
global capital requirements.
We also gain strength
from our performance-
oriented culture, which
drives accountability within
our organization and
keeps us focused on our
strategic goals.
We have emerged as a
stronger, more focused
company, positioned to
build momentum and deliver
sustainable profitability.
Beth Mooney,
Chairman and
Chief Executive
Officer, KeyCorp.