Key Bank Posts $265 Million Loss, Shares Up Nearly 10% In Early Trading

KeyCorp reported a net loss of $265 million, or 30 cents a share, for the fourth quarter.

In the year-ago quarter, the Cleveland-based parent of KeyBank had a net loss of $554 million, or $1.13 a share.

Revenue totaled $1.1 billion in the fourth quarter, up from $1 billion a year ago.

“Although this remains a challenging environment, we are encouraged by the continued stabilization in the economy and some positive trends in our fourth quarter results,” said Henry Meyer, CEO of KeyCorp (NYSE: KEY).

For all of 2009, the net loss was $1.63 billion, or $2.34 a share, on revenue of $4.4 billion. This compares to a net loss of $1.51 billion, or $3.36 a share, on revenue of $3.7 billion in 2008.

KeyCorp is the Tri-State's sixth-largest bank, with local deposits of about $1.2 billion, according to June 2009 figures from the Federal Deposit Insurance Corp.