Cleveland-based KeyCorp on Jan. 17 reported net income applicable to common shares of $461.0 million, or 45 cents per share, in the 2018 fourth quarter, rising from net income of $182.0 million, or 17 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter was 47 cents.

KeyCorp incurred a pension settlement charge and efficiency initiative expenses that had a net impact of 3 cents per common share in the recent quarter. During the fourth quarter of 2017, the company's results included notable items resulting in a net impact of 19 cents per common share, including $56 million of merger-related charges and $29 million of estimated impacts of tax reform and related actions.

Net interest income was $1.01 billion, compared to $952 million in the year-ago period. The increase reflected the benefit from higher interest rates and higher earning asset balances. Meanwhile, noninterest income declined year over year to $645 million from $656 million.

Total loans remained relatively flat from the third quarter and grew 4% from the first quarter of 2017 to $89.55 billion.

Total deposits increased 1% sequentially and grew 2% compared to the year-ago period to $107.31 billion.

For full year 2018, the company recorded net income applicable to common shares of $1.80 billion, or $1.71 per share, compared to net income of $1.23 billion, or $1.13 per share, in the same year of 2017.