KeyCorp profit falls as higher deposit costs hurt interest income

Yahoo Finance— KeyCorp reported a 33.5% drop in first-quarter profit on Thursday as its net interest income was eroded by higher deposit costs and elevated interest rates kept borrowers on the sidelines. U.S. banks have been grappling with increased funding costs as elevated interest rates prompt customers to move cash from banks to safe-haven higher-yielding alternatives like money-market funds for better returns. Net interest income (NII), or the difference between what a bank earns on loans and pays out...

Yahoo Finance—DoorDash projects quarterly core profit below estimates on higher costs. DoorDash projected second-quarter core profit below expectations on Wednesday despite beating first-quarter revenue estimates, indicating that higher costs were offseting some of its gains from rising groceries and food orders. "When I look at the business from Q4 to Q1, costs did go up," said CFO Ravi Inukonda in an interview with Reuters, adding that the company passed on some fees to consumers. DoorDash expects adjusted earnings before tax, interest, depreciation, and amortization between...

@cityam—Interest rates and the green economy: The carbon cost of higher for longer. High interest rates have created strong headwinds for the global energy transition, according to a new report by Wood Mackenzie.

CNBC—UPS profit falls on high labor costs, weak small-package demand. reported a decline in first-quarter profit on Tuesday, as margins came under pressure from subdued demand for small-package delivery and...