KeyCorp Q3 net income $197 millionStaff writer ▼ | October 16, 2014
KeyCorp announced third quarter net income from continuing operations attributable to Key common shareholders of $197 million, or $.23 per common share.
Slightly lower results $.23 per common share
For the nine months ended September 30, 2014, net income from continuing operations attributable to Key common shareholders was $671 million, or $.76 per common share, compared to $618 million, or $.67 per common share, for the same period one year ago.
During the nine months ended September 30, 2014, Key incurred $69 million, or $.05 per common share, of costs related to both its efficiency initiative and a pension settlement charge, compared to $93 million, or $.06 per common share, during the nine months ended September 30, 2013.
"Key's third quarter reflects solid results in our core businesses as we continue to execute on our relationship strategy, while remaining disciplined in managing risk and our strong capital position," said chairman and chief executive officer Beth Mooney.
"Compared with the same period last year, average loans increased 5%, driven by growth in commercial, financial and agricultural loans. We saw positive trends in several of our fee-based businesses, while we realized lower gains from principal investing and leveraged lease terminations.
"In the third quarter, the number of retail clients grew and we improved sales productivity across both the Community Bank and Corporate Bank. We also closed the acquisition of Pacific Crest Securities during the quarter, adding an important new industry vertical and underscoring our commitment to be the leading corporate and investment bank serving middle market clients." ■