KeyCorp, parent of KeyBank N.A. branches in the Rochester market, Thursday reported quarterly net income of $214 million attributable to shareholders, down 6.5 percent from a year ago but 2 cents better than Wall Street estimates.
Profits resulted in earnings per share of 23 cents, the Cleveland-based bank said. Quarterly income was $229 million, or 24 cents a share, in the third quarter 2011.
The results included onetime costs of $8 million and an amortization expense of $8 million for the acquisition of First Niagara Bank N.A. and HSBC Bank USA N.A. branches—including 11 in Monroe County and one in Orleans County—and credit card portfolios, the bank reported.
“We re-entered the credit card business, repositioned our merchant services and debit card processing, and improved market share with a 37-branch acquisition in Western New York,” Chairman and CEO Beth Mooney said in a statement.
“Our third-quarter results reflect the impact of these actions and underscores the company’s sustained drive to increase revenue and reduce costs.”
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