Rising fee income and strong cost controls helped two large banks report double-digit earnings gains Thursday.

Cleveland-based KeyCorp said first-quarter profits jumped 11%, to $235 million. At BankBoston Corp., earnings shot up 15%, to $238.3 million. "The trend has been fee income," said Frank Barkocy, an analyst with Josephthal & Co. "And I'd say it's been right across the board from service charges on deposits to trust income to mortgage servicing."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.