KeyCorp - KEY STOCK NEWS

KeyCorp (NYSE: KEY) reported net income of $237 million or $0.25 per diluted share for Q2 2024, up from $183 million or $0.20 per share in Q1 2024. However, net income was down 5.2% year-over-year from $250 million or $0.27 per share in Q2 2023.

Average deposits increased by $1.3 billion compared to both last quarter and the same period last year, with client deposits up 5% year-over-year.

Total revenue decreased by 4.3% year-over-year to $1.53 billion, reflecting an 8.8% drop in net interest income and a 3.0% rise in noninterest income.

Expenses declined roughly 6% from Q1 2024. The Common Equity Tier 1 ratio improved to 10.5%, up 20 basis points from the previous quarter.

Net charge-offs as a percentage of average loans were 0.34%, up from 0.29% in Q1 but a significant increase from 0.17% in Q2 2023. The allowance for credit losses was $1.83 billion, or 1.71% of total loans.

The Springfield Boys & Girls Club has received a $20,000 grant from the KeyBank Foundation to support their Summer Brain Gain Program. This initiative aims to prevent learning loss among children during the summer, with modules aligned to common core standards emphasizing discovery, creativity, and collaboration.

The program targets children from low-income families, many of whom speak English as a second language. KeyBank also provided a financial literacy course to about 40 teen members, emphasizing the importance of money management skills for future success.

The grant and financial education efforts underscore KeyBank's commitment to supporting educational and financial literacy initiatives in minority and low-income communities.

KeyCorp (NYSE: KEY) announced that its Board of Directors has declared several dividends for the third quarter of 2024. Shareholders of the common shares will receive a cash dividend of $0.205 per share, payable on September 13, 2024, to those on record by August 27, 2024.

Dividends were also declared for various series of preferred stock, each payable on September 16, 2024, to holders of record as of September 3, 2024. These include: $312.50 per Series D share, $15.3125 per Series E share, $14.1250 per Series F share, $14.0625 per Series G share, and $15.50 per Series H share.

KeyBank Maine's team, spearheaded by Market President Tony DiSotto, recently completed 18 community projects and 564 service hours in a single afternoon during their annual Neighbors Make The Difference Day. Established in 1991, this initiative has become a pivotal part of KeyBank's culture, focusing on community support through volunteerism. The program promotes employee engagement, talent development, and team building, while enhancing corporate reputation. KeyBank's culture thrives on community commitment, with employees participating in financial literacy programs, nonprofit boards, and employee giving. Management support, employee leadership, and strong nonprofit partnerships are critical to the success of Neighbors Day. In 2023, KeyBank and KeyBank Foundation provided $28.7 million in community investments in Maine, including affordable housing, community development, and philanthropy.

KeyBank (NYSE: KEY) has announced a new digital enhancement designed to expedite and simplify the home lending process. The technology automates the verification of borrowers' income, assets, and employment, reducing the paperwork required from clients. This improvement aims to enhance client experience by ensuring secure data submission and faster loan closing. During a two-week pilot, this technology saved significant time for borrowers, eliminating the need for multiple documentation submissions. KeyBank continues to invest in technology to streamline homebuying, reflecting their commitment to client satisfaction and efficiency.

On June 6th, 2024, KeyBank teammates in Buffalo participated in the annual 'Neighbors Make the Difference Day' by building beds for children in need through the volunteer organization Sleep in Heavenly Peace. This initiative, which began in 1991, highlights KeyBank's dedication to community service and support. The event underscores the bank's mission to help local communities thrive, with volunteers contributing thousands of hours annually to various nonprofit organizations. Sleep in Heavenly Peace focuses on providing bunk beds to children who otherwise might sleep on couches, blankets, or floors, aligning with KeyBank's community-centric values.

KeyBank has announced surpassing $2 million in funded Home Buyer Credits, aiding 442 clients in achieving homeownership since the program's launch in September 2022. The credit program provides $5,000 towards closing costs and other fees for eligible properties. Additionally, KeyBank has introduced two other credit programs: the KeyBank Neighbors First Credit, offering similar benefits and having helped 169 clients with $845,000 in credits, and the Key Opportunities Home Equity Loan, which has funded $11.7 million for 233 clients since March 2023. These initiatives aim to make homeownership more accessible and sustainable.

Spectrum Youth and Family Services in Burlington, VT, has expanded its seasonal warming shelter into a year-round resource for homeless youth, thanks to generous funding from KeyBank Foundation, the Pomerleau Family Foundation, the University of Vermont Medical Center, and individual donors. The Nightly Shelter, initially open from November to March, now operates every day from 5 pm to 9 am, providing a critical overnight option for youth when other shelters are full. KeyBank Foundation has contributed a three-year $225,000 grant to support this expansion. The facility offers 10 emergency beds and access to daytime services like meals, laundry, and case management. This expansion addresses the rising demand for safe youth shelters in Burlington, with many youths transitioning from the Nightly Shelter to permanent housing solutions.

KeyBank has awarded a $300,000 grant to Jesse Tree to aid low-income families in Treasure Valley facing eviction. The grant aims to enhance Jesse Tree's Emergency Rental Assistance (ERA) program and create a community health resource position. Since its establishment in 1999, Jesse Tree has supported over 8,000 families with $10 million in rental assistance. In 2023 alone, the organization managed 28,000 calls and texts, 3,500 applications, and attended 1,802 eviction hearings. KeyBank's contribution is set to further these efforts, aiming to stabilize housing and provide critical health resources to those in need. This partnership underscores KeyBank's commitment to supporting local communities and preventing homelessness.