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KeyCorp net income falls 18 percent

KeyCorp reported quarterly net income attributable to common shareholders of $182 million, down 18 percent from a year ago, due in part to acquisition-related costs.

Key recorded $24 million in expenses related to its planned acquisition of First Niagara Financial Group, compared to $6 million of those expenses in the fourth quarter.

Cleveland-based Key reported net income attributable to common shareholders of 22 cents per common share, down from 26 cents a year earlier.

KeyCorp chairman and CEO Beth Mooney in a statement said Key continues to “make progress on our First Niagara Financial Group acquisition, including reaching an important milestone of shareholders from both companies approving the merger. We are excited about the opportunity we have as we prepare to bring these two companies together, and we remain confident in our ability to deliver on our commitments and financial targets.”

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