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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.
KeyCorp
KeyCorp
KeyCorp Revenue by Segment
Revenue by Segment
Consumer Bank Revenue
CapyFin.comCommercial Bank Revenue
CapyFin.comOther Revenue
CapyFin.com 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