KeyCorp announced fourth-quarter and full year 2012 net income from continuing operations of $193 million and $827 million, respectively compared to $201 million and $857 million for the same 2011 periods. The bank said it incurred $16 million and $25 million in the fourth quarter and full year, respectively of costs associated with its previously announced Fit for Growth efficiency initiative.

“We had a good finish to 2012,” said chairman and chief executive officer Beth E. Mooney. “Our full-year results reflect success in executing on our strategies to grow loans, add additional payment capabilities to our product line in the form of credit cards and improved mobile banking, and moving forward on our efficiency initiative.”

The following information on Key Equipment Finance was excerpted from the news release:

KeyCorp said its Equipment Finance unit revenue and net income for the fourth quarter was $53 million and $15 million, respectively compared to $62 million and $18 million for the same quarter one-year ago. Key noted noninterest expense in Q4/12 of $35 million, down 27.1% from $48 million a year earlier. Key also noted a provision credit of $6 million in Q4/12 versus a credit of $15 million in Q4/11.

Average loans and leases in Q4/12 were $5.1 billion, up 8.9% compared to $4.7 billion a year earlier. Nonperforming assets in Q4 were $26 million down from $41 million for the same quarter in 2011. Return on average allocated equity in Q4/12 was 25.07% compared to 23.19% in Q4/11. Average FTE employee counts of 367 in Q4/12 compared to 442 a year earlier.

To read the KeyCorp news release click here.