Net income for common shareholders from continuing operations at KeyCorp (NYSE: KEY) totaled $193 million, or 21 cents a share, in the fourth quarter.
That’s down from $201 million, or 21 cents a share, in the fourth quarter of 2011. The Cleveland–based banking company took a $16 million charge during the quarter related to its latest cost-cutting effort.
For the full year in 2012, net income from continuing operations attributable to common shareholders was $827 million, or 88 cents a share, down from $857 million, or 92 cents a share, in 2011.
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“We had a good finish to 2012,” Chairman and CEO Beth Mooney said in a news release. “Our full-year results reflect success in executing on our strategies to grow loans, add additional payment capabilities to our product line in the form of credit cards and improved mobile banking, and moving forward on our efficiency initiative.”
Key is aiming to cut $150 million to $200 million in annual expenses by December 2013.
KeyBank has more than 1,000 branches in 14 states and assets of more than $89 billion.
Key is the number two bank in the Syracuse metro area deposit market with 27 branches, more than $1.8 billion in deposits, and a market share of 16.8 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank has two offices, more than $58 million in deposits, and a market share of 1.58 percent in the Utica–Rome area.
Contact Tampone at ktampone@cnybj.com
