KeyCorp announced fourth quarter net income from continuing operations attributable to Key common shareholders of $193 million, compared to $214 million for the third quarter of 2012, and $201 million, for the fourth quarter of 2011. During the fourth quarter Key incurred $16 million of costs associated with its previously announced Fit for Growth efficiency initiative.
For 2012, net income from continuing operations attributable to Key common shareholders was $827 million compared to $857 million for 2011. For 2012, Key incurred $25 million of costs associated with its Fit for Growth efficiency initiative.
“We had a good finish to 2012,” said Chairman and Chief Executive Officer Beth E. Mooney. “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.”
Mooney added: “Our momentum continued in the most recent quarter. The net interest margin was up 14 basis points versus the prior quarter driven by ongoing liability repricing and growth in both commercial and consumer loan balances. We also experienced significant revenue growth in our Corporate Bank from both our investment banking and commercial mortgage businesses.”
Key Equipment Finance Highlights – Q4 2012 versus Q4 2011:
- Total revenues were $53 million in Q4 2012 versus $62 million in Q4 2011.
- Average loans and leases totaled $5.1 billion versus $4.7 billion.
Read the full KeyCorp earnings press release.