Keycorp Stock Price, News & Analysis

KeyBank highlights the importance of resources and education for homebuyers, especially those in underserved communities, during Fair Housing Month. A recent poll indicates that 38% of homeowners prioritize location over price when buying homes, yet only 47% felt they received fair market value. KeyBank offers various support tools, including Special Purpose Credit Programs, the Key Opportunities Home Equity Loan, and the Home Buyer Credit to facilitate affordable homeownership. The bank aims to empower borrowers with knowledge and options through its Fair Housing Month site and online tools.

KeyCorp (NYSE: KEY) reported a net income of $275 million, or $0.30 per diluted share, for Q1 2023, down from $356 million ($0.38) in Q4 2022 and $420 million ($0.45) in Q1 2022. The decline reflects a decrease in net interest income, which totaled $1.1 billion, down 9.9% from the previous quarter due to increased deposit costs. Noninterest income also fell by 9.4% to $608 million. However, the company maintained strong liquidity with a Common Equity Tier 1 ratio of 9.1%. Net charge-offs were 15 basis points of average loans, indicating solid credit quality. Average loans increased by 1.8% year-over-year, while average deposits decreased by 4.5%. KeyCorp continues to adapt its relationship-based banking model, supporting stable operations in varying market conditions.

KeyCorp has published its 2022 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to helping clients, colleagues, and communities thrive. The report highlights achievements in four key areas: climate stewardship, financial inclusion, diversity, equity, and inclusion, and data privacy and security.

In 2022, Key deployed $5 billion to support a low carbon economy and invested over $6 billion in affordable housing and small business lending. The company also made significant strides in enhancing diversity, increasing representation of people of color in senior leadership by 36% within 18 months. Additionally, it reinforced data safeguards to protect client information. These efforts underline KeyCorp's dedication to responsible corporate citizenship and creating shared value.

KeyBank addresses homebuyer concerns during Fair Housing Month, emphasizing the importance of accessible bank offerings in the home lending process. A recent KeyBank poll revealed that 31% of homeowners earning under $75,000 did not seek information about homebuyer assistance programs, indicating a significant gap in awareness. To combat this, KeyBank introduces Special Purpose Credit Programs, including the Key Opportunities Home Equity Loan and an expanded Home Buyer Credit, which offers up to $5,000 for closing costs. KeyBank aims to facilitate homeownership, ensuring equal access for all individuals.