UPDATE 1-KBW posts wider-than-expected Q4 loss
* Q4 loss/shr $0.65 vs. Street estimate of loss of $0.13
* Investment banking revenue down 48 pct
* Total revenue down 60 pct
Feb 11 (Reuters) - Boutique investment bank KBW Inc KBW.N posted a wider-than-expected quarterly loss as investment banking revenue nearly halved from a year ago.
The investment bank, which specializes in financial services sector, also saw a 13 percent drop in its commissions revenue to $39.9 million. Investment banking revenue for the quarter was $27.3 million, compared with $52.4 million last year.
Loss from principal transactions also widened almost seven-fold during the quarter to $30 million.
Net loss for the fourth quarter was $22.1 million, or 71 cents a share, compared with a profit of $3.6 million, or 11 cents a share, a year ago.
Excluding items, KBW recorded an operating loss of $20.2 million, compared with earnings of $5.3 million last year.
"Investment banking revenues and institutional commissions declined as the turmoil in the markets led to a reduced level of transactions and trading activity," Chief Executive John Duffy said in a statement.
Shares of New York-based company closed at $18.18 Tuesday on the New York Stock Exchange.
For the alerts, double click on [ID:nWNAB1245] (Reporting by Adheesha Sarkar in Bangalore; Editing by Jarshad Kakkrakandy)
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