KeyCorp reports Q4 EPS 3c, consensus 23c

Reports Q4 revenue $1.54B, consensus $1.53B. Included in the fourth quarter are $209M, or 22c per diluted common share, of charges related to a FDIC special assessment, efficiency related expenses, and a pension settlement charge. Reports Q4 CET1 capital ratio 10%. Reports Q4 net charge-offs .21%. Reports Q4 book value per share $13.02. The company said, “Underlying performance in the quarter was solid. Net interest income stabilized, expenses were well-controlled, credit costs remained low, and our capital position continued to improve. We also continued to invest in our differentiated fee-based businesses which we anticipate will gain traction as conditions improve in the capital markets. I am proud of the work and dedication of our teammates in executing on our strategic priorities and steadfastly serving our clients while navigating a turbulent year. In 2023, we grew relationship deposits, improved balance sheet resiliency, exceeded our goal of reducing risk-weighted assets, maintained expense discipline, and benefited from our de-risked loan portfolio and distinctive underwrite-to-distribute model. I am fully confident these actions will position Key to deliver sound, profitable growth, realize our earnings potential, and drive substantive value for all of our stakeholders in the years ahead.”