According to KeyCorp, the fourth quarter 2010 results reflect an improvement in pre-provision net revenue and lower credit costs from the same period one-year ago.
The fourth quarter 2009 results were negatively impacted by a $756m loan loss provision.
Fourth quarter 2010 net income attributable to Key common shareholders was $279m compared to a net loss attributable to common shareholders of $265m for the same quarter one year ago.
For 2010, Key’s net income from continuing operations attributable to common shareholders was $413m, or $0.47 per common share, compared to a net loss from continuing operations attributable to common shareholders of $1.58bn billion, or $2.27 per common share, for 2009.
The 2009 results were adversely impacted by an elevated loan loss provision and write-offs of certain intangible assets.
Net income attributable to Key common shareholders for the year ended 31 December 2010, was $390m compared to a net loss attributable to Key common shareholders of $1.629bn for the same period one year ago.
At 31 December 2010, Key’s estimated Tier 1 common equity and Tier 1 risk-based capital ratios were 9.31% and 15.10%, compared to 8.61% and 14.30%, respectively, at 30 September 2010.
