KeyCorp announced third quarter net income from continuing operations attributable to Key common shareholders of $229 million. Key's third quarter 2011 results compare to net income from continuing operations attributable to Key common shareholders of $163 million for the third quarter of 2010. The results for the third quarter of 2011 reflect an improvement in noninterest expense and lower credit costs from the same period one year ago. Third quarter 2011 net income attributable to Key common shareholders was $212 million compared to net income attributable to Key common shareholders of $178 million for the same quarter one year ago.
For the nine-month period ended September 30, 2011, net income from continuing operations attributable to Key common shareholders was $656 million compared to net income from continuing operations attributable to Key common shareholders of $121 million for the same period one year ago. Net income attributable to Key common shareholders for the nine-month period ended September 30, 2011, was $619 million compared to net income attributable to Key common shareholders of $111 million for the same period one year ago.
The press release noted improved performance in the equipment finance business with average loans/leases of $4.6 billion, up from $4.5 billion for third quarter 2010 and net income of $20 million compared to $14 million for the same 2010 period. Additionally, total third quarter revenue for the equipment finance unit was $68 million versus $63 million in Q3 2010.
Chairman and Chief Executive Officer Beth Mooney stated, "Our financial results demonstrate consistent positive momentum for Key as we continue executing our relationship strategy, improving credit quality and maintaining disciplined expense control. We are also pleased that our commercial, financial and agricultural loan portfolio grew for the second consecutive quarter. Our clients continue to benefit from our ability to work together across business lines to deliver value by combining local knowledge and service with specialized industry expertise and advisory capabilities."