KeyCorp 4Q profit climbs 1.5 pct


CLEVELAND (AP) -- Regional banking company KeyCorp says fourth-quarter earnings edged up 1.5 percent as revenue growth and a discontinued business gain more than offset costs from an efficiency initiative.

The Cleveland-based company earned $197 million, or 21 cents per share, in the three months that ended Dec. 31. That compares to $194 million, or 20 cents per share, in the final quarter of 2011.

The company recorded a $4 million gain from discontinued operations in the latest quarter, compared to a $7 million loss the previous year.

Total revenue climbed nearly 10 percent to $1.07 billion.

Analysts expect earnings per share of 21 cents on total revenue of $1.05 billion.

The company says it recorded a $16 million charge in the quarter for costs tied to its Fit for Growth efficiency initiative.