KeyCorp Slips To Loss In Q4

KeyCorp

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(RTTNews) - KeyCorp (KEY), the holding company for KeyBank National Association, on Tuesday reported a net loss attributable to Key for the fourth quarter of $244 million or $0.28 per share, compared to net income of $65 million or $0.03 per share in the prior-year quarter.

Excluding items, adjusted income for the quarter was $0.38 per share, compared to $0.25 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson-Reuters expected the company to report earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Key's net interest income grew to $1.06 billion from $928 million last year, while noninterest income was a negative $196 million, compared to $610 million a year ago.

Revenue, including net interest income and noninterest income, nearly halved to $865 million from $1.54 billion in the same quarter last year. The consensus estimate was for $1.75 billion.

Key's provision for credit losses was $39 million, compared to $101million in the year-ago period.