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KeyCorp Q4 net income $229 million

Staff writer ▼ | January 24, 2014
KeyCorp announced fourth quarter net income from continuing operations attributable to Key common shareholders of $229 million, or $.26 per common share, compared to $229 million, or $.25 per common share for Q3 2013, and $190 million, or $.20 per common share for Q4 2012.
KeyCorp
KeyCorpKeyCorp announced fourth quarter net income from continuing operations attributable to Key common shareholders of $229 million, or $.26 per common share, compared to $229 million, or $.25 per common share for Q3 2013, and $190 million, or $.20 per common share for Q4 2012.


During the fourth quarter of 2013, Key incurred $24 million, or $.02 per common share of costs related to both its previously announced efficiency initiative and a pension settlement charge.

For the twelve months ended December 31, 2013, net income from continuing operations attributable to Key common shareholders was $847 million, or $.93 per common share, compared to $813 million, or $.86 per common share for the same period one year ago. During 2013, Key incurred $117 million, or $.08 per common share of costs related to both its efficiency initiative and pension settlement charge.

Average loans were up 5% in 2013 compared to the prior year, driven by a 12% increase in commercial, financial and agricultural loans, and credit quality improved to levels not seen since 2007. Both commercial and consumer loans grew relative to the full year and fourth quarter of 2012.

Cards and payments income was up 20% from 2012, and mortgage servicing fees more than doubled. The company achieved the goal by implementing annualized cost savings of $241 million. The company returned 76% of net income to shareholders through dividends and common share repurchases.


 

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