Financial Performance - KeyCorp reported a net loss of $(279) million, or $(0.28) per diluted common share, for Q4 2024, compared to a net loss of $(447) million in Q3 2024[2]. - Adjusted net income for Q4 2024 was $378 million, or $0.38 per diluted common share, reflecting a 16% year-over-year increase in revenue[1]. - Total revenue for Q4 2024 was $865 million, a 24.5% increase from Q3 2024, but a decrease of 43.8% compared to Q4 2023 due to significant losses on securities[7]. - KeyCorp reported net income attributable to Key of $379 million for Q4 2024, up from $150 million in Q4 2023, representing a 152.7% increase[36]. - Total revenue for Q4 2024 was $999 million, a 24.3% increase from $804 million in Q4 2023[34]. - Net income attributable to Key for the three months ended December 31, 2024, was a loss of $244 million, compared to a profit of $65 million in the same period of 2023[51]. Revenue and Income Sources - Net interest income for Q4 2024 was $1.061 billion, up 10.1% from Q3 2024 and 14.3% from Q4 2023, with a net interest margin of 2.41%[7]. - Investment banking, payments, and wealth management fees increased by 27% year-over-year, contributing to positive operating leverage for the second consecutive quarter[2]. - Noninterest income for Q4 2024 was $(196) million, a decrease of $806 million year-over-year, primarily due to a $915 million loss on the sale of securities[9]. - Total revenue from the Consumer Bank segment increased by 7.1% year-over-year to $872 million in Q4 2024, driven by a $93 million increase in net interest income[30]. - Noninterest income rose by $110 million compared to Q4 2023, primarily due to increases in investment banking and debt placement fees[36]. Loans and Deposits - Average loans decreased to $104.7 billion in Q4 2024, down $9.2 billion year-over-year, primarily due to lower commercial and industrial loans[14]. - Average deposits increased to $149.7 billion in Q4 2024, up $4.7 billion from the previous year, driven by growth in both consumer and commercial deposits[16]. - Average loans and leases in the Consumer Bank decreased by $3.2 billion, or 7.8%, from Q4 2023, while average deposits increased by $3.9 billion, or 4.7%[33]. - Total loans for Q4 2024 amounted to $104.711 billion, with a net interest income of $1.458 billion, resulting in a yield of 5.55%[72]. - Total loans decreased by 7.4% year-over-year to $104.26 billion as of December 31, 2024, compared to $112.61 billion in 2023[87]. Credit Quality and Losses - Key's net loan charge-offs for Q4 2024 totaled $114 million, or 0.43% of average total loans, compared to $76 million (0.26%) in Q4 2023 and $154 million (0.58%) in Q3 2024[20]. - Nonperforming loans at the end of Q4 2024 amounted to $758 million, representing 0.73% of period-end portfolio loans, up from 0.51% in Q4 2023[21]. - Key's provision for credit losses decreased to $39 million in Q4 2024 from $102 million in Q4 2023, reflecting lower loan balances and changes in net charge-off levels[19]. - Total nonperforming assets increased to $772 million in Q4 2024 from $591 million in Q4 2023, a rise of 30.6%[99]. - Net loan charge-offs to average total loans was 0.43% in Q4 2024, compared to 0.26% in Q4 2023, indicating a deterioration in asset quality[99]. Expenses and Efficiency - Personnel expenses rose to $734 million in Q4 2024, reflecting a 9.6% increase from Q3 2024, driven by higher incentive and stock-based compensation[11]. - Noninterest expense for the three months ended December 31, 2024, was $1,229 million, compared to $1,094 million in the same period of 2023, marking an increase of 12.3%[51]. - Noninterest expense adjusted for selected items was $1,232 million in Q4 2024, compared to $1,100 million in Q3 2024 and $1,097 million in Q4 2023[65]. - The cash efficiency ratio (non-GAAP) improved to 141.3% in Q4 2024, down from 156.4% in Q3 2024 and significantly better than 88.6% in Q4 2023[65]. Capital and Ratios - The Common Equity Tier 1 ratio improved to 12.0%, up 120 basis points from Q3 2024[2]. - Key's tangible common equity ratio was 7.0% at December 31, 2024, reflecting a strong capital position[25]. - The total risk-based capital ratio stood at 16.2% at December 31, 2024, up from 14.2% a year earlier[23]. - Key's estimated Common Equity Tier 1 ratio was 12.0% at December 31, 2024, compared to 10.0% at December 31, 2023[23]. Dividends and Shareholder Returns - Key declared a dividend of $0.205 per common share in January 2025, payable in Q1 2025[28]. - Cash dividends declared per share remained stable at $0.205 for the three months ended December 31, 2024, consistent with the previous periods[51].

Revenue of $865 million; Adjusted for selected items(a), revenue up 16% year-over-year Net interest income up 10% linked quarter Momentum across investment banking, payments, and wealth management fees up 27% year-over-year Common Equity Tier 1 ratio increased 120 basis points quarter-over-quarter to 12%(b) CLEVELAND, Jan. 21, 2025 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced a net loss from continuing operations attributable to Key common shareholders of $(279) million, or $(.28) per diluted common ...

KeyCorp (KEY) is scheduled to announce fourth-quarter and full-year 2024 results on Jan. 21, before the opening bell. During the quarter, lending activities witnessed a solid improvement.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Per the Federal Reserve’s latest data, the demand for commercial and industrial (C&I) loans (accounting for roughly 50% of KeyCorp’s average loan balances) improved during the fourth quarter. Further, demand for consumer loans (constituting roughly 31% ...

Core Viewpoint - KeyCorp (KEY) is expected to report quarterly earnings of $0.33 per share, reflecting a 32% increase year-over-year, with revenues projected at $1.73 billion, a 13.2% increase compared to the previous year [1] Earnings Projections - Analysts have revised the consensus EPS estimate upward by 2% over the past 30 days, indicating a collective reassessment of the company's performance [1][2] Key Metrics Projections - The average balance of total earning assets is estimated at $173.23 billion, slightly up from $172.05 billion a year ago [4] - The Cash Efficiency Ratio (non-GAAP) is projected to be 68.7%, down from 88.6% in the same quarter last year [4] Asset Quality and Capital Ratios - Nonperforming assets are expected to total $733.76 million, up from $591 million a year ago [5] - The Tier 1 Risk-based Capital Ratio is projected at 12.5%, an increase from 11.7% year-over-year [5] - The Total Risk-based Capital Ratio is expected to be 14.8%, compared to 14.1% in the previous year [5] Leverage and Nonperforming Loans - The Leverage Ratio is anticipated to reach 9.4%, up from 9% in the same quarter last year [6] - Nonperforming loans at period-end are estimated at $663.97 million, compared to $574 million a year ago [6] Income Projections - Total Noninterest Income is forecasted to be $702.20 million, up from $610 million in the same quarter last year [6] - Investment banking and debt placement fees are expected to reach $194.54 million, compared to $136 million in the previous year [7] - Net interest income (FTE basis) is projected at $1.04 billion, up from $928 million a year ago [7] - Cards and payments income is estimated at $87.69 million, compared to $84 million last year [8] - Trust and investment services income is projected to be $143.26 million, up from $132 million in the same quarter last year [8] Stock Performance - KeyCorp shares have decreased by 1.8% over the past month, while the Zacks S&P 500 composite has declined by 3.3% [8]

CLEVELAND, Jan. 15, 2025 /PRNewswire/ -- KeyCorp (NYSE:KEY) announced that Mohit (Mo) Ramani will join Key as Chief Risk Officer (CRO), effective January 23, 2025."I am very pleased to welcome Mo to Key," said Chris Gorman, Chairman and Chief Executive Officer of KeyCorp. "I am confident that with Mo's leadership, experience, and expertise we will continue to elevate our risk management practices and culture, further enabling strong, profitable growth for Key."Mo joins Key from Truist Financial Corporation ...

Wall Street expects a year-over-year increase in earnings on higher revenues when KeyCorp (KEY) reports results for the quarter ended December 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 stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on January 21. On ...

Financial Stress and Debt - One-third of Americans (33%) feel daily anxiety due to debt, yet 37% need to pay down less than $5,000 to relieve this stress [3] - 70% of Americans are confident they can pay off their credit card every month, and 87% are confident in meeting monthly rent or mortgage payments [3] - 44% of Americans say they do not have credit card debt [3] Financial Goals and Comfort - 68% of Americans say they need more money to live comfortably, and 45% are less than $2,500 per month away from reaching that comfort goal [2] - 54% of respondents say they are moving closer to their financial comfort goal, and 32% say they already live comfortably [2] - 73% of Gen Z respondents report they're moving closer to having enough to live comfortably, despite 63% feeling financially stressed [3] Homeownership and Long-Term Goals - 46% of respondents who do not own a home say that homeownership is not attainable for their families, up from 39% last year [3] - 63% of Americans are not confident in their ability to take on a mortgage, and 54% are not confident they can contribute more to a retirement account [5][7] - 23% of survey respondents say understanding special purpose credit programs would increase their confidence in homebuying [3] Financial Resilience and Confidence - 45% of respondents are certain they could come up with $2,000 if an unexpected need arose within the next month [4] - 34% of Americans say they are confident they could come up with $5,000 if they needed to [3] - Accomplishing short-term goals, such as creating and sticking to a budget, is a significant step in building financial resiliency for the long term [7] Financial Imposter Syndrome and Resources - Financial imposter syndrome refers to the self-doubt many people feel about their financial skills versus the actual reality of their financial picture [1] - KeyBank offers online resources, including the Financial Wellness Center's Banking 101 curriculum, and local bankers to help clients understand their financial situation and build confidence [8]

CLEVELAND, Jan. 6, 2025 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced that Robert Weiss has joined the company as Head of Key Family Wealth where he will collaborate across the enterprise to grow the ultra-high net worth client segment. He is based in New York City and reports to Key Wealth President Joe Skarda."Robert is a proven leader in the wealth management industry," said Skarda. "He brings a high level of expertise, values and client dedication aligned with our approach and overall strategy. I am con ...

Core Viewpoint - KeyCorp has completed a strategic minority investment from Scotiabank, which is expected to enhance its capital ratios and support future growth initiatives [1][2][6]. Investment Details - Scotiabank invested $0.8 billion for a 4.9% stake in KeyCorp, completing a total investment of $2 billion for a nearly 14.9% equity stake [1][9]. - The total expected investment of $2.8 billion will increase KeyCorp's CET1 capital ratio by 195 basis points to 12.4% and tangible book value per share by 10% by June 30, 2024 [2]. Financial Strategy - KeyCorp sold its low-yielding available-for-sale (AFS) investment securities portfolio worth almost $7 billion, incurring an after-tax loss of $737 million in Q3 [3]. - The company plans to reinvest the proceeds from the divestiture into higher-yielding, more liquid securities, which is projected to generate nearly $400 million in additional net interest income (NII) in 2025 and 2026 [10]. Market Performance - Year-to-date, KeyCorp's shares have increased by 19.4%, underperforming the industry growth of 23.7% [5]. - The company's NII declined by 13.6% in 2023, with a net interest margin (NIM) contraction of 46 basis points to 2.17% [12]. Future Outlook - With anticipated interest rate cuts in 2025, KeyCorp's NII and NIM are expected to receive support, despite challenges from sluggish loan demand and rising funding costs [12]. - The strategic partnership with Scotiabank may lead to future collaborations to enhance client services [9].

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...