KeyCorp, parent company of Key Bank of Utah, said net income for the third quarter was $37.2 million, up 2 percent over the $36.1 million reported for the same period last year. Earnings per share of common stock were 87 cents for the quarter, a 2.4 percent increase.

Income for the first nine months of 1990 rose 10% to $110.7 million, up from $100.6 million during the same period in 1989. This was equivalent to $2.59 per common share, up 10.7% from the $2.34 reported a year earlier.The bank holding company said earnings per share have risen at a faster rate than net income during 1990 due to the retirement of preferred stock in the third quarter of 1989.

There was an average of 42.2 million common shares outstanding for the first nine months of 1990 compared to 41.7 million during the same period in 1989.

Return on average common equity was reported as 14.63% for the first nine months of 1990 and 14.22% for the third quarter. For the same periods in 1989, return on average common equity was 14.39% and 15.18%,