KEY - KeyCorp Posts Sluggish Q4 Results CEO Says FY23 Balance Sheet Optimization Goal Exceeded | Benzinga
KeyCorp (NYSE:KEY) shares are trading lower after the company reported fourth-quarter FY23 earnings.
Revenues of $1.538 billion, down 19.0% Y/Y, slightly topped the consensus of $1.532 billion.
Taxable-equivalent net interest income was down 24.4% Y/Y to $928 million, with a net interest margin of 2.07% (vs. 2.73% a year ago) due to higher interest rates, partly offset by a favorable earning asset mix.
Consumer Bank revenue fell 8.6% Y/Y, and Commercial Bank was down 11.2% Y/Y in the quarter.
Provision for credit losses fell ...