Monday, April 18, 2011

Earnings Roundup: KeyCorp (NYSE: KEY)

KeyCorp (NYSE: KEY) reported Monday that it swung to a first-quarter profit of $173 million, or 19 cents a share, from a loss of $96 million, or 11 cents a share, in the same period last year.  Income from continuing operations attributable to Key common shareholders totaled $184 million compared to loss of $98 million last year. Earnings per share from continuing operations were $0.21 versus loss per share from continuing operations of $0.11 prior year. Net interest income decreased to $597 million from $625 million prior year. Total non-interest income, however, increased to $457 million from $450 million last year. Analysts, on average, expected the company to report earnings of 14 cents per share on revenue of $1.08 billion.

 "Our first quarter results demonstrate continued improvement in asset quality and disciplined expense control, and underscore our successful emergence from the recession," said Chairman and Chief Executive Officer Henry L. Meyer III.

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