KeyCorp (KEY) Q1 Earnings Miss on Lower NII, Stock Slides

KeyCorp’s (KEY) first-quarter 2024 adjusted earnings from continuing operations of 22 cents per share missed the Zacks Consensus Estimate by a penny. The bottom line compared unfavorably with 30 cents earned in the prior-year quarter.The stock lost more than 1% in pre-market trading on spread income weakness.Results were adversely impacted by lower net interest income (NII) and an increase in expenses. Further, higher deposit costs and lower average loan balance weighed on net interest margin (NIM) despite ...