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.