KeyCorp posts a 1Q loss, plans to cut dividend

Banking company KeyCorp is reporting another big quarterly loss, partly due to a large increase in its set-asides for loan losses, and plans to cut its dividend.
APR 21, 2009
Banking company KeyCorp is reporting another big quarterly loss, partly due to a large increase in its set-asides for loan losses, and plans to cut its dividend. Cleveland-based KeyCorp said Tuesday that its first-quarter loss of $488 million, or $1.09 per share, also stemmed from a non-cash accounting charge. That a reversal from a profit of $218 million, or 54 cents per share, a year ago. KeyCorp also says its board also plans to cut its dividend to a penny a share from 6.25 cents in the second quarter. It says that will mean it will hold on to an extra $100 million of capital a year. It adds its capital ratios remain strong and that its costs are well controlled.

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