KeyCorp, which has 60 branches in Maine, said third-quarter net income from continuing operations fell 6.6 percent but revenues rose amid higher fees and interest on loans.
The Cleveland-based company said net income from continuing operations attributed to Key common shareholders totaled $214 million, or 23 cents a share, down from $229 million, or 24 cents a share a year ago.
Net interest income rose 4 percent, to $578 million from $555 million. Revenues rose to $1.12 billion from $1.04 billion a year ago, benefitting from acquisitins, higher net interest margin due to lower funding costs, and loan growth.
“During the third quarter, Key announced a number of actions aimed at enhancing the company’s
franchise, product offerings and profitability. We re-entered the credit card business, repositioned our merchant services and debit card processing, and improved market share with a 37-branch acquisition in Western New York,” said KeyCorp Chairman and Chief Executive Beth Mooney.
“Our third quarter results reflect the impact of these actions and underscore the company’s sustained
drive to increase revenue and reduce costs,” Mooney said.
Send questions/comments to the editors.
