KeyCorp reported a smaller profit in the first quarter as both its earnings and revenue came in below Wall Street’s expectations.
Cleveland-based KeyCorp, the holding company for KeyBank, reported a $119 million profit in the first quarter, or 12 cents a share. In last year’s first quarter, its profit was $387 million, or 38 cents a share.
Analysts were expecting earnings of 19 cents a share, according to FactSet.
The company’s revenue was $1.47 billion in the quarter, a decline from $1.52 billion a year earlier. Analysts’ forecasts were for revenue of $1.56 billion.
Taxable-equivalent net interest income was $989 million. The bank’s noninterest income was $477 million.
The company said its first-quarter results reflect a shift to the current expected credit losses methodology–a new accounting standard–as well as impacts from the Covid-19 crisis.