Hedging Strategy | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|-------|-------|--------------------------------------|-------|-------------------------------|--------|-------|-------|---------------|-------|----------------------------------------------------------------------------------------------------------------|-------|-------|--------------------| | $ in billions | $9.0 | | 4Q22 – \n$9.0 | $9.0 | 1Q24 ALM Hedge Actions \n$8.0 | (1) \n | ...

Net Income and Profitability - KeyCorp reported a net income of $183 million for Q1 2024, with a $0.02 per diluted common share impact from the FDIC special assessment[2] - KeyCorp reported a net income of $219 million for the first quarter of 2024, compared to $65 million in the previous quarter and $312 million in the same quarter last year[20] - Net income attributable to Key for Consumer Bank in Q1 2024 was $55 million, a significant decrease of 38.2% compared to Q1 2023[6] - Net income attributable to Key for Commercial Bank in Q1 2024 was $200 million, an increase of 39.9% compared to Q4 2023 but a decrease of 21.6% compared to Q1 2023[6] - Net income from continuing operations attributable to Key common shareholders was $183 million, or $0.20 per diluted common share, for Q1 2024, compared to $30 million, or $0.03 per diluted common share, for Q4 2023, and $275 million, or $0.30 per diluted common share, for Q1 2023[71] - Net income attributable to Key decreased by 38.2% to $55 million in 1Q24 compared to 1Q23[89] - Commercial Bank's net income attributable to Key decreased to $200 million in 1Q24 compared to $255 million in 1Q23[106] - Net income attributable to Key common shareholders for Q1 2024 was $183 million, compared to $30 million in Q4 2023 and $276 million in Q1 2023[111] Net Interest Income and Margin - Taxable-equivalent net interest income decreased by $42 million compared to Q4 2023, and the net interest margin declined by five basis points[3] - Net interest income for Q1 2024 was $875 million, a decrease from $921 million in Q4 2023 and $1,099 million in Q1 2023[18] - Total interest income for Q1 2024 was $2,032 million, compared to $2,050 million in Q4 2023 and $1,824 million in Q1 2023[20] - Total interest expense rose to $1,157 million in Q1 2024, up from $1,129 million in Q4 2023 and $725 million in Q1 2023[20] - Taxable-equivalent net interest income decreased by $63 million (10.3%) compared to Q1 2023, driven by a shift in funding mix and balance sheet optimization[25] - Net interest income (TE) for Q1 2024 was $886 million, down from $928 million in Q4 2023 and $1,106 million in Q1 2023[37] - Net interest income (TE) for Q1 2024 was $886 million, a decrease of 4.5% compared to Q4 2023 and 19.9% compared to Q1 2023[48] - Taxable-equivalent net interest income was $886 million for Q1 2024, a decrease of $220 million compared to Q1 2023, with a net interest margin of 2.02%, down 45 basis points year-over-year[75] - Net interest income (TE) decreased by 1.6% to $549 million in 1Q24 compared to 4Q23, and by 10.3% compared to 1Q23[89] - Commercial Bank's taxable-equivalent net interest income decreased by 18.2% to $87 million in 1Q24 compared to 1Q23[106] - Net interest income (TE) for Q1 2024 was $886 million, compared to $928 million in Q4 2023 and $1,106 million in Q1 2023[111] Loan Performance and Credit Quality - Net loan charge-offs increased to $81 million in Q1 2024, up from $76 million in Q4 2023, representing 0.29% of average total loans[4] - The allowance for loan and lease losses rose to $1,542 million in Q1 2024, compared to $1,508 million in Q4 2023, representing 1.40% of period-end loans[4] - Nonperforming loans increased to $658 million in Q1 2024, up from $574 million in Q4 2023, representing 0.60% of period-end portfolio loans[4] - Commercial and industrial nonperforming loans rose to $360 million in Q1 2024, compared to $297 million in Q4 2023[5] - Total nonperforming assets increased to $674 million in Q1 2024, up from $591 million in Q4 2023[5] - Accruing loans past due 90 days or more increased to $119 million in Q1 2024, compared to $107 million in Q4 2023[5] - Loans placed on nonaccrual status totaled $243 million in Q1 2024, down from $297 million in Q4 2023[5] - The allowance for credit losses stood at $1,823 million in Q1 2024, representing 1.66% of period-end loans[4] - Net loan charge-offs for Consumer Bank in Q1 2024 were $44 million, an increase of 10.0% compared to Q4 2023 and 83.3% compared to Q1 2023[6] - Net loan charge-offs for Commercial Bank in Q1 2024 were $37 million, an increase of 5.7% compared to Q4 2023 and 76.2% compared to Q1 2023[6] - Provision for credit losses decreased by $62 million compared to Q1 2023, driven by balance sheet optimization and an improving economic outlook[25] - The provision for credit losses was $101 million in Q1 2024, slightly down from $102 million in Q4 2023 and $139 million in Q1 2023[20] - Net loan charge-offs for Q1 2024 totaled $81 million, or 0.29% of average total loans, compared to $45 million (0.15%) in Q1 2023 and $76 million (0.26%) in Q4 2023[58] - Allowance for credit losses was $1.8 billion, or 1.66% of total period-end loans at March 31, 2024, compared to 1.38% at March 31, 2023[58] - Provision for credit losses was $101 million in Q1 2024, compared to $139 million in Q1 2023 and $102 million in Q4 2023[82] - Nonperforming loans totaled $658 million, or 0.60% of period-end portfolio loans, as of March 31, 2024, compared to 0.35% at March 31, 2023, and 0.51% at December 31, 2023[83] - Provision for credit losses decreased by 140.0% to -$2 million in 1Q24 compared to 4Q23, and by 103.3% compared to 1Q23[89] - Commercial Bank's provision for credit losses increased by $22 million in 1Q24 compared to 1Q23[106] - Provision for credit losses for Q1 2024 was $101 million, down from $102 million in Q4 2023 and $139 million in Q1 2023[111] - Net loan charge-offs for Q1 2024 were $81 million, compared to $76 million in Q4 2023 and $45 million in Q1 2023[111] Loan and Lease Balances - Average loans and leases for Consumer Bank in Q1 2024 were $40.446 billion, down 2.3% from Q4 2023 and 6.1% from Q1 2023[6] - Average loans and leases for Commercial Bank in Q1 2024 were $70.099 billion, down 2.8% from Q4 2023 and 8.1% from Q1 2023[6] - Average loans and leases decreased by $2.6 billion (6.1%) from Q1 2023, with broad-based declines across loan categories[25] - Total loans for Q1 2024 were $111,034 million, a decrease from $113,948 million in Q4 2023 and $119,837 million in Q1 2023[37] - Average loans for Q1 2024 were $111.0 billion, a decrease of $8.8 billion compared to Q1 2023, driven by lower commercial and industrial loans and consumer loans[54] - Average loans decreased by $2.9 billion compared to Q4 2023, with commercial loans declining by $2.2 billion and consumer loans declining by $750 million[79] - Total loans decreased by 2.4% to $109.885 billion as of March 31, 2024, compared to $112.606 billion on December 31, 2023, and decreased by 8.4% compared to $119.971 billion on March 31, 2023[116] - Commercial and industrial loans decreased by 1.8% to $54.793 billion as of March 31, 2024, compared to $55.815 billion on December 31, 2023, and decreased by 9.5% compared to $60.565 billion on March 31, 2023[116] - Total commercial real estate loans decreased by 3.8% to $17.553 billion as of March 31, 2024, compared to $18.253 billion on December 31, 2023, and decreased by 7.3% compared to $18.938 billion on March 31, 2023[116] - Residential prime loans decreased by 1.7% to $27.609 billion as of March 31, 2024, compared to $28.097 billion on December 31, 2023, and decreased by 5.9% compared to $29.338 billion on March 31, 2023[116] - Total consumer loans decreased by 2.2% to $34.234 billion as of March 31, 2024, compared to $35.015 billion on December 31, 2023, and decreased by 6.7% compared to $36.705 billion on March 31, 2023[116] - Commercial lease financing decreased by 6.2% to $3.305 billion as of March 31, 2024, compared to $3.523 billion on December 31, 2023, and decreased by 12.2% compared to $3.763 billion on March 31, 2023[116] - Credit card loans decreased by 6.7% to $935 million as of March 31, 2024, compared to $1.002 billion on December 31, 2023, and decreased by 3.5% compared to $969 million on March 31, 2023[116] - Other consumer loans decreased by 3.8% to $5.690 billion as of March 31, 2024, compared to $5.916 billion on December 31, 2023, and decreased by 11.1% compared to $6.398 billion on March 31, 2023[116] - Construction loans increased by 16.3% to $3.013 billion as of March 31, 2024, compared to $2.590 billion on March 31, 2023, despite a slight decrease of 1.7% from $3.066 billion on December 31, 2023[116] - Commercial credit card balances increased to $214 million as of March 31, 2024, compared to $207 million on December 31, 2023, and $185 million on March 31, 2023[116] Noninterest Income and Expense - Noninterest income increased to $647 million in Q1 2024, up from $610 million in Q4 2023 and $608 million in Q1 2023[18] - Noninterest income decreased by $4 million from Q1 2023, primarily due to declines in service charges on deposit accounts and cards and payments income[25] - Total noninterest income for Q1 2024 was $400 million, a 14.3% increase from Q4 2023 and a 9.3% increase from Q1 2023[26] - Noninterest income increased by 6% year-over-year and linked quarter, driven by investment banking and debt placement fees[42] - Noninterest income for Q1 2024 was $647 million, up from $610 million in Q4 2023 and $608 million in Q1 2023[111] - Noninterest income increased by $37 million compared to Q4 2023, driven by a $34 million increase in investment banking and debt placement fees[76] - Noninterest expense increased by $40 million from Q1 2023, primarily due to the FDIC special assessment charge[25] - Noninterest expense decreased by $229 million compared to Q4 2023, primarily due to the absence of $275 million in charges related to the FDIC special assessment, efficiency-related expenses, and a pension settlement charge[77] - Cash efficiency ratio (non-GAAP) for Q1 2024 was 74.0%, compared to 88.6% in Q4 2023 and 68.0% in Q1 2023[113] Deposits and Funding - Average deposits decreased by $320 million (0.4%) from Q1 2023[25] - Total interest-bearing deposits increased to $113,479 million in Q1 2024 from $113,429 million in Q4 2023 and $104,062 million in Q1 2023[37] - Customer deposits increased by 2% year-over-year, with relationship households and commercial clients growing by 2.5% and 6%, respectively[46] - Average deposits decreased by $2.2 billion compared to Q4 2023, driven by seasonal deposit outflows and a decrease in wholesale deposit balances[80] Capital and Liquidity - The tangible common equity to tangible assets ratio was 5.04% as of March 31, 2024, slightly down from 5.06% at the end of 2023[18] - KeyCorp's average tangible common equity was $9,347 million in Q1 2024, up from $8,160 million in Q4 2023 and $8,476 million in Q1 2023[18] - Common Equity Tier 1 ratio rose to 10.3% in Q1 2024, reflecting an organic capital build of approximately 120 basis points over the past twelve months[42] - Tangible common equity ratio was 5.0% at March 31, 2024[60] - Common Equity Tier 1 ratio increased 120 basis points year-over-year to 10.3% as of March 31, 2024[71] - Key's Common Equity Tier 1 ratio was 10.3% as of March 31, 2024, exceeding all "well-capitalized" regulatory benchmarks[85] Assets and Liabilities - KeyCorp's total assets stood at $187,485 million as of March 31, 2024, down from $188,281 million at the end of 2023[18] - Loans held for sale decreased to $228 million as of March 31, 2024, from $483 million at December 31, 2023, and $1.211 billion at March 31, 2023[36] - Securities available for sale increased to $37,089 million in Q1 2024 from $35,576 million in Q4 2023 and $39,172 million in Q1 2023[37] - Total assets for Q1 2024 were $186,197 million, slightly down from $187,243 million in Q4 2023 and $191,270 million in Q1 2023[37] - Key shareholders' equity increased to $14,649 million in Q1 2024 from $13,471 million in Q4 2023 and $13,817 million in Q1 2023[37] - Total earning assets for Q1 2024 were $170,023 million, slightly down from $170,905 million in Q4 2023 and $174,689 million in Q1 2023[37] - KeyCorp's total assets were approximately $187 billion as of March 31, 2024[27] Other Financial Metrics - The return on average tangible common equity from continuing operations was 7.87% in Q1 2024, compared to 1.46% in Q4 2023 and 13.16% in Q1 2023[18] - Total revenue (TE) for Consumer Bank in Q1 2024 was $773 million, a decrease of 1.7% compared to Q4 2023 and 8.0% compared to Q1 2023[6] - Total revenue (TE) for Commercial Bank in Q1 2024 was $791 million, a slight decrease of 0.4% compared to Q4 2023 and 6.3% compared to Q1 2023[6] - Trust and investment services income for Consumer Bank in Q1 2024 was $109 million, an increase of 3.8% compared to Q4 2023 and 7.9% compared to Q1 2023[8] - Time deposits for Consumer Bank in Q1 2024 were $11.809 billion, an increase of 15.0% compared to Q4 2023 and 171.4% compared to Q1 2023[8] - Total revenue (TE) declined by 1.7% to $773 million in 1Q24 compared to 4Q23, and by 8.0% compared to 1Q23[89] - Assets under management increased by 4.5% to $57.305 billion in 1Q24 compared to 4Q23, and by 6.7% compared to 1Q23[89] - Commercial Bank's average loan and lease balances decreased by 8.1% to $6.2 billion in 1Q24 compared to 1Q23[106] - Total revenue (TE) for Q1 2024 was $1,533 million, compared to $1,538 million in Q4 2023 and $1,714 million in Q1

Noninterest income up 6% year-over-year and linked quarter, driven by strength in investment banking and debt placement fees Continued to strengthen the balance sheet by reducing reliance on wholesale funding and higher cost brokered deposits Common Equity Tier 1 ratio increased 120 basis points year-over-year to 10.3%(b) Credit costs remain low: net loan charge-offs to average loans of 29 basis points CLEVELAND, April 18, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced net income from continuing ...

Investors are always looking for stocks that are poised to beat at earnings season and KeyCorp (KEY) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because KeyCorp is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of s ...

KeyCorp (KEY) is scheduled to announce first-quarter 2024 results on Apr 18, before the opening bell. During the quarter, lending activities witnessed modest improvement.Per the Federal Reserve’s latest data, the demand for commercial and industrial loans (accounting for almost 50% of KeyCorp’s average loan balances) was subdued in the first quarter. On the other hand, demand for consumer loans (constituting roughly 30% of average loan balances) was decent.In the to-be-reported quarter, we expect KeyCorp’s ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider KeyCorp (KEY) . This company, which is in the Zacks Banks - Major Regional industry, shows potential for another earnings beat.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 10.52%.For ...

Wall Street expects a year-over-year decline in earnings on lower revenues when KeyCorp (KEY) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 18, 2024, might help the stock move higher if these key numbers are better than expectations ...

KeyBank has maintained a rating of "Outstanding" from the OCC for 11 consecutive review periods since the Act's passage in 1977CLEVELAND, April 10, 2024 /PRNewswire/ -- KeyBank (NYSE: KEY) has earned its 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) on its most recent Community Reinvestment Act (CRA) exam. KeyBank has maintained a rating of "Outstanding" from the OCC for 11 consecutive review periods since the Act's passage in 1977. Key Tower in Cleveland, ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number: 1-11302 KeyCorp Exact name of registrant as specified in its charter: Ohio 34-6542451 State or other jurisdiction of incorporation or organization: I.R.S. Employer Identification Number: 127 Public Square, Cleveland, Ohio 44114-1306 Address of principal execu ...

KeyCorp (NYSE:KEY) Q4 2023 Results Conference Call January 18, 2024 9:00 AM ET Company Participants Chris Gorman - Chairman and Chief Executive Officer Clark Khayat - Chief Financial Officer Vernon Patterson - Executive Vice President, Investor Relations Conference Call Participants Peter Winter - D.A. Davidson Scott Siefers - Piper Sandler John Pancari - Evercore ISI Manan Gosalia - Morgan Stanley Erika Najarian - UBS Matt O'Connor - Deutsche Bank Gerard Cassidy - RBC Capital Markets Mike Mayo - Wells Farg ...