KeyCorp profit beats estimates

July 19 Thu Jul 19, 2012 7:07am EDT

July 19 (Reuters) - Midwestern bank KeyCorp posted a lower quarterly profit but beat Wall Street estimates as credit quality continued to improve and it released money set aside to cover bad loans.

Net Income fell to $231 million, or 24 cents per share, down from $234 million, or 25 cents per share, a year earlier.

The lender earned 23 cents per share from continuing operations.

Analysts on average had expected KeyCorp to earn 18 cents per share, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $7.83 on Wednesday on the New York Stock Exchange.