CLEVELAND (AP) - Regional banking company KeyCorp reported a 12 percent increase in first-quarter earnings as asset quality improved, more loans were made and charge-offs for bad loans decreased.
Cleveland-based KeyCorp said Thursday that its net income attributable to common shareholders rose to $194 million, or 20 cents per share, for the period ended March 31. That's up from $173 million, or 19 cents a share, a year ago.
Excluding charges, KeyCorp earned 21 cents per share. That topped average Wall Street estimates by 2 cents per share.
The company said nonperforming loans declined $322 million from a year ago and net charge-offs declined to $101 million from $193 million a year ago. New or renewed lending commitments to consumers and businesses rose to $8.3 billion from $6.9 billion.