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KeyCorp posts USD 229m of 4Q13 net income.

BANKING AND CREDIT NEWS-January 27, 2014--KeyCorp posts USD 229m of 4Q13 net income

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27 January 2014 -- Cleveland US-based financial services firm KeyCorp (NYSE: KEY) has posted 4Q13 net income from continuing operations attributable to Key common shareholders of USD 229m or USD .26 per common share.

This compares to USD 229m or USD .25per common share for the 3Q13, and USD 190m or USD .20 per common share for 4Q12.

During 4Q13, Key incurred USD 24m or USD .02 per common share of costs related to both its previously announced efficiency initiative and a pension settlement charge, the firm said.

For the twelve months ended December 31, 2013, net income from continuing operations attributable to Key common shareholders was USD 847m, or USD .93 per common share, compared to USD 813m , or USD .86 per common share for the same period one year ago.

During 2013, Key incurred USD 117m, or USD .08 per common share of costs related to both its efficiency initiative and pension settlement charge.

Key's provision for loan and lease losses was USD 19m for 4Q13, compared to USD 28m for 3Q13 and USD 57m for the year-ago quarter. Key's allowance for loan and lease losses was USD 848m, or 1.56% of total period-end loans at December 31, 2013, compared to 1.62% at September 30, 2013, and 1.68% at December 31, 2012.

The firm provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 12 states under the name KeyBank National Association.

Find out more at www.key.com.

1 USD = 0.6064 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 27, 2014
Words:286
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