KeyCorp's first-quarter loss narrowed significantly, beating analysts' estimates, as the regional bank's eighth-straight quarter in the red was helped by improving revenue and reduced loan-loss provisions.
The Ohio-based regional bank has posted loss after loss amid financial turmoil, though its results have improved recently, with revenue and the company's loss both better than analysts' forecasts for the fourth quarter.
For the first quarter, KeyCorp reported a loss of $96 million, or 11 cents a share, compared with a year-earlier loss of $536 million, or $1.09 a share. Revenue rose 0.8% to $1.08 billion.
Analysts polled by Thomson Reuters had most recently forecast a loss of 30 cents on $1.09 billion in revenue.
Loan-loss provisions were $413 million, down from $847 million a year earlier and $756 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, were 3.67% of average loans, compared with 2.6% and 4.64%, respectively. Nonperforming loans, those near default, were 3.69%, versus 2.48% and 3.72%.
Shares closed at $8.58 on Tuesday and were inactive premarket. The stock has risen 22% in the past year.