CLEVELAND — The regional banking company KeyCorp says its profit dropped 30 percent amid sharp declines in interest income and investment fees.
Cleveland-based KeyCorp reported Tuesday that its net income fell to $194 million, or 20 cents per share, in the October-December quarter, down from f$279 million, or 32 cents per share, a year earlier.
The quarter also was impacted by a $24 million charge for a lawsuit escrow deposit.
KeyCorp said it earned 21 cents per share from continuing operations. Analysts surveyed by FactSet had forecast 20 cents per share.
Its shares rose a penny to $8.12 in morning trading.
On Jan. 19, First Niagara Bank agreed to sell 37 HSBC branches to KeyBank as part of its purchase of HSBC's entire upstate New York retail network.
KeyCorp has community banking operations in 14 states and more than 1,000 full-service branches.