By Adriano Marchese
KeyCorp reported a loss and lower revenue in the fourth quarter as the company's repositioning of its securities portfolio weighed on results.
The Cleveland financial-services company Tuesday posted a net loss of $244 million, or 28 cents a share, compared with a profit $65 million, or 3 cents a share, in the same quarter the year before.
Total revenue fell to $865 million from $1.54 billion.
KeyCorp said that EPS and revenue were weighed down by the completion of its securities portfolio repositioning, which involved selling its low-yielding investment securities. For this, the company took a charge in the quarter of $657 million, or 66 cents a share, after tax.
Common equity tier 1 ratio, a measurement of a bank's core capital compared with its riskier assets such as loans and mortgages, rose to 12% from 10% a year earlier.
In August of last year, Canadian financial institution Bank of Nova Scotia agreed to buy a minority stake of 14.9% KeyCorp for $2.8 billion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 21, 2025 07:18 ET (12:18 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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