KeyCorp (NYSE:KEY) revealed its financial outcomes for the first quarter of 2024, marking a period of moderate earnings amidst significant regulatory expenses.
The Cleveland-based financial services company reported a net income from continuing operations attributable to its common shareholders of $183 million, or $0.20 per diluted common share.
While this latest earnings figure represents a notable improvement from the $30 million, or $0.03 per diluted common share, recorded in the fourth quarter of 2023, it is a decrease from the $275 million, or $0.30 per diluted common share, posted in the first quarter of the previous year.
Meanwhile, the first quarter of 2024 included after-tax charges amounting to $22 million, or $0.02 per diluted common share, primarily related to the FDIC special assessment.
These financial disclosures highlight the ongoing challenges KeyCorp faces with regulatory costs, but also show a rebound in profitability when comparing sequential quarters.