KeyCorp profit shrinks on FDIC charge, slump in interest income

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KeyCorp posted a drop in its fourth-quarter profit on Thursday as the lender recorded costs associated with replenishing a government deposit insurance fund, sending its shares down nearly 5% in the premarket trading. The bank's fourth-quarter profit slumped to $0.03 per share from $0.38 per share in the prior-year quarter, also hit by a drop in interest income. The Federal Deposit Insurance Corporation (FDIC) directed a group of banks to restore the government insurance fund that got depleted by $16 billion following the collapse of some regional lenders.
 
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