Bloomberg News

KeyCorp Net Income Beats Estimates on Fewer Bad Loans

October 20, 2011

(Updates with comment in fourth paragraph.)

Oct. 20 (Bloomberg) -- KeyCorp, Ohio’s second-biggest bank, said third-quarter profit fell 1 percent, beating analysts’ estimates as bad loans declined.

Net income fell to $217 million, or 22 cents a diluted share, from $219 million, or 20 cents, in the same period a year earlier, the Cleveland-based company said today in a statement. The average estimate of 29 analysts surveyed by Bloomberg was for earnings per share of 21 cents.

KeyCorp, led by Chief Executive Officer Beth Mooney, has declined 25 percent this year as regional banks contend with lagging loan demand with economic growth stagnates and U.S. unemployment remaining above 9 percent.

We continue “executing our relationship strategy, improving credit quality and maintaining disciplined expense control,” Mooney said in the statement.

--Editors: Jon Menon, Francis Harris

To contact the reporter on this story: Charles Mead in New York at cmead11@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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