CLEVELAND: KeyCorp said Thursday that its first-quarter net income rose 3 percent, helped by higher income from loans and deposits.
The Cleveland bank with Akron operations posted a profit of $199 million, or 21 cents per share, up from $194 million, or 20 cents per share, in the same quarter last year.
Excluding one-time charges, the company posted adjusted earnings of 22 cents per share.
Total revenue increased 1 percent to $1.01 billion from $1 billion.
The earnings beat Wall Street predictions, while the revenue fell slightly short. Analysts, on average, expected adjusted earnings of 20 cents per share on $1.05 billion in revenue, according to financial researcher FactSet.
Earnings from deposits and loans, or net interest income, rose 5 percent to $589 million. Noninterest income, or income from fees and other sources, fell 4 percent to $425 million.
The company’s average total loans increased 6 percent to $52.6 billion, boosted by a 16 percent increase in commercial and industrial loans. Average total deposits increased 7 percent to $63.6 billion.