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KeyCorp profit climbs 14 percent in Q4

Rochester Business Journal
January 23, 2014

KeyCorp, parent of KeyBank N.A. branches in the Rochester market, reported a 14 percent increase in fourth-quarter net income Thursday, with earnings per better than Street estimates.

The Cleveland-based bank reported net income of $224 million, or 25 cents a diluted share, attributable to common shareholders, up from $197 million, or 21 cents a share, in the fourth quarter 2012.

The bank incurred fourth-quarter costs of $24 million, or 2 cents a share, related to a previously announced efficiency initiative and a pension settlement charge, it reported.

Profit excluding onetime items was 28 cents a share, beating analysts’ consensus of 25 cents a share.
 
KeyCorp’s full-year net income attributable to common shareholders was $887 million, or 98 cents a diluted share. Its comparable 2012 net income was $836 million, or 89 cents a share.

“We achieved the goal we set in June 2012 by implementing annualized cost savings of $241 million,” Chairman and CEO Beth Mooney said in a statement. “With increased cost discipline embedded in our culture, we are poised to drive further improvements in efficiency and productivity.”

KeyBank N.A. ranks sixth in the Rochester market with $1.1 billion in local deposits, data from the Federal Deposit Insurance Corp. shows.

Shares of KeyCorp stock (NYSE: KEY) sank more than 5 percent in early afternoon trading to $13.41.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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