KeyCorp says its losses narrowed in the first quarter as the regional banking company cut costs and had to set less money aside to cover soured loans.
KeyCorp, which hasn't posted a profit in two years due to a cascade of bad loans, said Wednesday that it lost $96 million, compared with a loss of $536 million during the same period a year ago.
The company says its results translate to a loss of 11 cents per share, versus a loss of $1.09 per share in the year-ago period.
Analysts surveyed by Thomson Reuters expected, on average, a loss of 30 cents per share. Analysts typically exclude one-time items from their estimates.
KeyCorp has more than 1,000 community bank branches in 14 states.
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