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Mar 31, 2021
KeyCorp Q1 2021 Earnings Report
Reported record first quarter net income driven by positive operating leverage and broad-based strength in fees.
Key Takeaways
KeyCorp reported a record first quarter with a net income of $591 million, or $.61 per diluted common share, marking a significant increase compared to the previous quarter and the same period last year. The results were driven by broad-based strength in fees and positive operating leverage.
Reported record first quarter revenue, up 19% from year-ago quarter, driven by broad-based strength in fees
Experienced strong credit quality with nonperforming loans and net charge-offs down from prior quarter
Returned capital to shareholders by repurchasing $135 million in common shares
Successfully launched Laurel Road for Doctors, expanding digital reach nationally for medical professionals
Revenue by Segment
Forward Guidance
While the earnings report does not contain explicit forward guidance, it highlights several positive trends and strategic initiatives that suggest a positive outlook for KeyCorp.
Positive Outlook
- Strength in consumer mortgage
- Growth from Laurel Road
- Growth from consumer and commercial relationships
- Heightened prepaid card activity
- Strength in the debt and equity markets
Challenges Ahead
- Lower reinvestment yields
- Lower loan fees
- Unfavorable balance sheet mix
- Elevated levels of liquidity
- Lower interest rates
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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