KeyCorp (KEY) announced first quarter net income from continuing operations attributable to common shareholders of $196 million, or $0.21 per share, up from $195 million, or $0.20 per share in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
During the first quarter Key incurred $15 million, or $0.01 per common share of costs associated with its previously announced efficiency initiative.
Net income attributable to common shareholders for the quarter rose to $199 million from $194 million in the year ago quarter.
Taxable-equivalent net interest income for the quarter was $589 million, up from $559 million last year. Noninterest income was $425 million for the first quarter of 2013, compared to $442 million for the year-ago quarter.
Total revenue for the quarter was $1.014 billion, compared to $1.001 billion in the year ago quarter. Twenty one analysts had consensus revenue estimate of $1.03 billion for the quarter.
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