KeyCorp (KEY) Reports Q3 Loss of $0.50
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KeyCorp (NYSE: KEY) reports a Q3 loss of $0.50, above the consensus of a $0.41 loss and a loss of $0.02 last year.
KeyCorp said loan loss reserve increased to $2.5 billion, or 4.00% of total loans. Capital and liquidity positions remain strong with Tier 1 common equity ratio of 7.63%.
CEO Henry L. Meyer III stated, "While our results continue to be impacted by the difficult operating environment, we believe the aggressive actions we've taken to address credit quality, strengthen capital and liquidity, and reshape our business mix position us to meet the challenges posed by the current environment and to emerge as a more competitive company when the economy rebounds. Further, we are encouraged by the continuation of deposit growth and the improvement in our net interest margin."
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