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KeyCorp meets Street expectations for Q4

Rochester Business Journal
January 24, 2013

KeyCorp, parent of KeyBank N.A. branches in the Rochester market, on Thursday reported quarterly net income of $193 million attributable to common shareholders, down 4 percent from a year ago and in line with Wall Street expectations.

The Cleveland-based bank reported earnings per share of 21 cents, matching estimates. Its income in the fourth quarter 2011 was $201 million, or 21 cents a share.

Results for the most recent quarter were affected by a charge of $16 million, or a penny a share, for a previously announced efficiency initiative, the bank said.

“We had a good finish to 2012,” Chairman and CEO Beth Mooney said in a statement. “Our full-year results reflect success in executing on our strategies to grow loans, add additional payment capabilities to our product line in the form of credit cards and improved mobile banking, and moving forward on our efficiency initiative.”

Net income for 2012 totaled $827 million, or 88 cents a share, down 3.5 percent from $857 million, or 92 cents a share, in 2011.

Keybank N.A. ranks 10th in the Rochester market with local deposits of $546.4 million as of June 30, data from the Federal Deposit Insurance Corp. shows.

The FDIC data does not include deposits from 12 banks converted to KeyBank from HSBC Bank USA N.A. last July.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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