KeyCorp Q4 Results Top Estimates

(RTTNews) - KeyCorp (KEY), the holding company for KeyBank National Association, on Tuesday reported net income attributable to Key for the fourth quarter of $510 million or $0.43 per share, compared to a net loss of $244 million or $0.28 per share in the prior-year quarter.

Excluding items, adjusted income for the quarter was $0.41 per share, compared to $0.38 per share in the year-ago quarter.

On average, 16 analysts polled by Thomson-Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Key's net interest income grew to $1.22 billion from $1.06 billion last year, while noninterest income was $782 million, compared to a negative $196 million a year ago.

Revenue, including net interest income and noninterest income, more than doubled to $2.01 billion from $865 million in the same quarter last year. The consensus estimate was for $1.97 billion.

Key's provision for credit losses was $108 million, compared to $39 million in the year-ago period.