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KeyCorp Narrows Losses

Posted by on June 2, 2010 · Leave a Comment 

The regional bank holding company KeyCorp narrowed its loss in the fourth quarter while setting aside $756 million for bad loans. KeyCorp, based in Cleveland, said Thursday it lost $224 million, or 30 cents per share, in the fourth quarter on revenue of $1.1 billion, helped by improved interest margins and fewer delinquencies.

Analysts surveyed by Thomson Reuters expected, on average, a loss of 39 cents per share on revenue of $1.06 billion. KeyCorp, which operates across 14 states, lost $524 million in the comparable fourth quarter of 2008 when it cited ongoing woes in the economy and a large, noncash accounting charge.

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