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Sep 30, 2024
KeyCorp Q3 2024 Earnings Report
Reported a net loss due to charges related to the loss on the sale of securities, while underlying results showed solid momentum in client relationships, deposits, and business-related fees.
Key Takeaways
KeyCorp reported a net loss of $(447) million for Q3 2024, or $(0.47) per diluted common share, but an adjusted net income of $290 million, or $0.30 per diluted common share. The results were impacted by a $737 million after-tax charge related to the loss on the sale of securities. Net interest income increased by 7% quarter-over-quarter, and average deposits were up 2.5%.
Received initial $821 million tranche of strategic minority investment from Scotiabank.
Common Equity Tier 1 ratio of 10.8% and Tangible Common Equity ratio of 6.2%.
Net interest income up 7% quarter-over-quarter, with average deposits up 2.5%.
Continued strong fee momentum across investment banking, commercial mortgage servicing, commercial payments, and wealth management.
Revenue by Segment
Forward Guidance
KeyCorp anticipates further net interest income tailwinds and a stable-to-improved credit outlook.
Positive Outlook
- Strong pipelines in investment banking and debt placement.
- Continued momentum in wealth management and commercial payments.
- Expected further net interest income tailwinds in the quarters ahead.
- Stable-to-improved credit outlook.
- Completion of the final tranche of the equity financing in the first quarter of 2025, subject to Fed approval.
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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