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KeyCorp shares rise after beating expectations

By THOMAS ADAMS - 10/17/2013 4:49:02 PM

KeyCorp stock was up 30 cents Thursday, a day after the company reported an 8.5 percent increase in quarterly net income attributable to shareholders.

The parent of KeyBank N.A. in the Rochester market reported quarterly net income available to common shareholders of $229 million, or 25 cents a diluted share Wednesday, up from $211 million, or 22 cents a share, in the third quarter 2012.

Analysts had expected earnings of 23 cents a share.

Revenues benefited from loan growth, including an 11 percent increase in in commercial, financial and agricultural loans, Chairman and CEO Beth Mooney said.

KeyBank ranks sixth in Rochester with local deposits of $1.15 billion and a market share of 7.3 percent.

The stock (NYSE: KEY) was trading at $12.44 midday, up 2.5 percent.

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