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Economy and Business


KeyBank says lending is at its highest since the recession
The Cleveland-based bank is keeping up with current lending trends
Story by JOANNA RICHARDS


 
KeyBank says it has been lending more recently.
Courtesy of KeyBank
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In The Region:
Banks are lending money to individuals and businesses at their most rapid pace since the financial crisis. Cleveland-based KeyBank is part of that trend. For Ohio Public Radio, WCPN's Joanna Richards reports.
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KeyBank says it increased its commercial, financial and agricultural loans by about 13 percent in the first half of 2014 over the same period last year. And its overall lending was up 6 percent.

That is in line with a national trend, according to the Wall Street Journal. The paper credits the increase in loans with boosting banks’ profits to near-record heights.

Lisa Oliver is Northeast Ohio market president for KeyBank.

"Banks are earning more money right now out of their loan portfolios than they are out of their deposit portfolios," Oliver says.

She says low interest rates are one reason for the trend. But it also reflects a strengthening economy.

Oliver says businesses are in better financial shape and more optimistic, so they are starting to make upgrades and invest in expansion.

"As that market demand coming out of the recession has begun to slowly increase, we’re seeing growth and an increase in requests for loans," Oliver says.

More loans means more spending by individuals and businesses, which reinforces the positive outlook for the recovery.

 

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