KeyCorp Q2 profit rises 22% to $472 million
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- KeyCorp reported Q2 net income of $472 million, up 22% year over year, while diluted EPS reached $0.44.
- Taxable-equivalent revenue increased 6.7% to $1.96 billion as net interest income rose 9.4%.
- Management is prioritising commercial lending, investment banking, payments and wealth management to support further organic growth.
KeyCorp (NYSE:KEY) reported Q2 net income of $472 million as taxable-equivalent revenue rose 6.7% to $1.96 billion.
Profit increased from $387 million a year earlier but declined 2.9% from the $486 million reported in Q1.
During the period under review, KeyCorp repurchased $341 million of shares, while net charge-offs were 0.42% and its estimated CET1 ratio was 11.2%.
Following the announcement, KeyCorp's share price was down 0.9% at $23.32 in premarket trading.
Average loans rose 4.1% to $110.1 billion, led by an 11.7% increase in commercial and industrial lending.
Management said investment banking pipelines grew 9% sequentially, payments fees increased by double digits and assets under management reached $74 billion.
