Boston, MA 10/21/2013 (wallstreetpr) – In the third quarter KeyCorp (NYSE:KEY) posted some impressive financial results. The company even though posting slight declines made some gains in some key areas. Their stock rose to $12 per share from about $8 the previous year. This represented a 50% increase. The company posted a$584 million in net interest income which is a 1% gain from the $578 million made over the same period the prior year.
The non-interest profits accrued in the third quarter summed to $459 million which depicted an 11% decline compared to the $518 million made over the same period the previous year. It also made $266 million which meant that was 29 cents per share up from $214 million or 23 cents per share representing a 24% increase in earnings per share. In total the company made $1.04 billion. Even though this is a 4.8% decrease compared to profits posted in the same period last year, it is a gain in disguise as the decline was expected to be much lower which was estimated by Zacks consensus to be around $1.02 billion.
However the gains that were made even though in bits and pieces came about as a result of some of the measures initiated by the company. In the last year the company saw the integration of some 37 HSBC branches from Buffalo and Rochester. These inclusions played a huge role in stamping the banks presence in those areas and have played a pivotal role in the numbers posted by the bank in the current quarter.
The bank also decided to let go of its participation in some industries like the marine industry in a cost saving move. Some of the bank’s branches were closed and some 1,300 workers have been laid off over the course of the year as well. Due to the cost cutting measures and the wise business ventures, the bank was able to stay afloat and make profit as well as gains in the stock market.