KeyCorp reported Q4/13 net income from continuing operations attributable to Key common shareholders was $229 million, up from $190 million in Q4/12. Full-year net income of $847 million compared to $813 million for the same period one year ago. During 2013, Key said it incurred $117 million of costs related to both its efficiency initiative and pension settlement charge.

Chairman and chief executive officer Beth Mooney said, “Reflecting the success of our distinctive business model, average loans were up 5% in 2013 compared to the prior year, driven by a 12% increase in commercial, financial and agricultural loans, and our credit quality improved to levels not seen since 2007.”

Key noted that net charge-offs for the full year 2013 were $168 million, down 51% compared to $345 million a year earlier. The provision for loan and lease losses of $130 million was down $99 million or 43% from $229 million the previous year.

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

. The average commercial lease financing balance for the 12 months ended
December 31, 2013 was $4,683 million down 8.9% from the average of $5,142 million in 2012.

. Lease financing interest income for the latest full-year period of $172 million was down from $187 million a year earlier. However, the 2013 average yield of 3.67% compares favorably with the average yield of 3.64% in 2012.

To read the KeyCorp news release click here.