Scotiabank says KeyCorp results will add about $62M to its Q2 net income

Scotiabank says its ownership stake in U.S. bank KeyCorp will contribute about $62 million to its second-quarter net income.

The Canadian bank says the amount represents its share of KeyCorp’s first-quarter net income.

Adjusting for the amortization of acquired intangible assets, Scotiabank says the adjusted net income contribution from KeyCorp will be about $71 million.

Scotiabank is expected to report its second-quarter results on May 27.

The Canadian bank completed a two-part deal to buy a 14.9% stake in KeyCorp in December last year.

KeyCorp operates in 15 states, with about 1,000 branches offering commercial and retail banking and investment advice and services.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.