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KeyCorp Q4 profit declines

US-based financial services firm KeyCorp has reported a net income of $194m, or $0.20 per diluted share, for the fourth quarter of 2011, compared to $279m, or $0.32 per diluted share, for the same period in 2010.

Net income from continuing operations was $201m, or $0.21 per share, compared to $292m, or $0.33 per share, in the year-ago period.

The results for the fourth quarter of 2011 were negatively impacted by a $24m charge resulting from VISA’s planned litigation escrow deposit.

Noninterest income was $414m, compared to $526m for the same period in the previous year.

Interest income dropped 14% to $698m from $811m for the same period a year ago.

KeyCorp chairman and CEO Beth Mooney said that Key’s fourth quarter results reflect continued improvement in credit quality and the third consecutive quarter of growth in our commercial, financial and agricultural loan portfolio.