CLEVELAND ? Regional banking company KeyCorp reported Thursday that its third-quarter net income rose 19 percent and beat the Wall Street forecast as bad loans declined.
KeyCorp reported net income of $212 million, or 22 cents per share, on revenue of $1.04 billion in the July-September period.
Bad loans declined $584 million to $788 million.
Analysts had forecast earnings per share of 21 cents on revenue of $1.01 billion, according to FactSet.
In last year's third quarter, the company had net income of $178 million, or 20 cents per share, on revenue of $1.13 billion.
Chairman and CEO Beth Mooney said the report reflected continued momentum as KeyCorp works to reduce bad loans and control costs.
Mooney said in a statement that KeyCorp was working to expand its loans to small- and midsized businesses and has committed $5 billion to the effort over the next three years.
Nonperforming assets declined by $887 million from the year-ago quarter to $914 million.
Net charge-offs declined to $109 million, or 0.90 percent of average loan balances in the quarter. That compared to $357 million, or 2.69 percent of average loan balances for the third quarter of 2010.
For the nine-month period, KeyCorp had net income of $619 million, or 67 cents per share, on revenue of $3.12 billion, compared with nine-month 2010 net income of $111 million, or 13 cents per share, on revenue of $3.33 billion.
KeyCorp shares closed down 27 cents at $6.37 in Wednesday trading, near the lower end of its 52-week trading range of $5.59 to $9.77.
Cleveland-based KeyCorp has more than 1,000 branches in 14 states stretching from Alaska to Maine.
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