KeyCorp (KEY), the parent company of KeyBank National Association, announced a net loss of $244 million, or $0.28 per share, in the fourth quarter, contrasting with a net income of $65 million, or $0.03 per share, in the same period the previous year.
After adjusting for special items, the earnings per share for the quarter stood at $0.38, up from $0.25 in the year-ago quarter.
Analyst projections, gathered by Thomson Reuters, had anticipated earnings of $0.32 per share for the quarter, generally not accounting for special items.
The company's net interest income rose to $1.06 billion from $928 million in the prior year. However, noninterest income recorded a deficit of $196 million compared to $610 million the previous year.
Total revenue—comprising both net interest and noninterest income—fell dramatically to $865 million, down from $1.54 billion in the same quarter last year. Analysts had expected revenue to reach $1.75 billion.
KeyCorp's provision for credit losses declined to $39 million, a notable decrease from $101 million in the prior-year period.
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