KeyCorp Reports Fourth Quarter Profit

The KeyCorp/First Niagara deal closed during the fourth quarter.

KeyCorp (NYSE: KEY), which has 61 branches in 16 Indiana counties, is reporting fourth quarter net income of $213 million, compared to $224 million during the same quarter the previous year. The company says the earnings were impacted by last year’s $4.1 billion acquisition of First Niagara Financial Group Inc. (Nasdaq: FNFG).

That First Niagara deal closed during the fourth quarter. KeyCorp says loan growth in 2016 was driven by commercial loans from First Niagara.

KeyCorp Chief Executive Officer Beth Mooney says the results "reflect continued momentum in our core businesses and the successful integration of the largest acquisition in the company’s history." She says KeyCorp remains "confident in reaching our financial targets" because of anticipated cost savings and revenue opportunities coming from the merger.

You can see more details from the fourth quarter report by clicking here.