Keycorp - KEY STOCK NEWS

KeyCorp reported a net income of $397 million, or $0.41 per diluted share, for Q3 2020, a significant increase from $159 million in Q2 2020. This reflects a year-over-year income rise of 3.7%. Revenue grew by 3% driven by higher loan and deposit volumes, bolstered by the Paycheck Protection Program. However, noninterest expenses rose by 10.4% due to pandemic-related costs. The Common Equity Tier 1 ratio improved to 9.5%. The bank remains committed to strong risk management despite economic challenges, reflecting confidence in its future growth.

KeyBank has achieved significant recognition in small business lending, ranking 7th nationally for SBA 7(a) loans in FY 2020, with $316 million in approved loans. This follows its success in the Paycheck Protection Program, where it facilitated over $8.1 billion for more than 43,000 small businesses. KeyBank also received top rankings in various districts, notably number one in Indiana. The bank's commitment to supporting small businesses remains strong, with ongoing investments in its team and services to aid economic recovery.

On October 2, 2020, KeyBank was recognized as a top franchise supplier by Entrepreneur magazine, securing the 8th position in the Franchise Finance category for the second consecutive year. This accolade reflects KeyBank's commitment to empowering franchisees amid market uncertainties. The bank expanded its Franchise Finance Team to enhance service delivery and offers a comprehensive range of banking solutions. KeyBank is also a leading SBA lender and played a critical role in administering the Payroll Protection Program during the pandemic, aiding over 40,000 businesses in accessing capital.

Key Private Bank, the wealth management division of KeyCorp (NYSE: KEY), has been awarded the 2020 Wealth Management "Trusts" Industry Award, marking its second consecutive win. This recognition highlights Key's advancements in trust and fiduciary initiatives. The awards, judged by industry experts, evaluate both quantitative and qualitative measures. Key Private Bank oversees approximately $41 billion in assets under management as of August 30, 2020, emphasizing its capability to assist affluent families in wealth management.

KeyCorp (NYSE: KEY) will announce its third quarter 2020 earnings on October 21, 2020, before market opening. A conference call is scheduled for 9:00 a.m. ET to discuss financial results, strategy, and outlook. KeyCorp, headquartered in Cleveland, Ohio, has approximately $171.2 billion in assets and operates over 1,000 branches across 15 states. The bank provides various financial services, including lending and investment banking products through KeyBanc Capital Markets. For further details, visit www.key.com.

KeyCorp (NYSE: KEY) announced that CEO Chris Gorman and CFO Don Kimble will present at the Barclays Global Financial Services Conference on September 14, 2020, at 2:00 p.m. ET. The conference will cover KeyCorp's performance, strategy, and outlook. A live audio webcast and presentation materials will be accessible via www.key.com/ir. KeyCorp, headquartered in Cleveland, Ohio, boasts assets of approximately $171.2 billion as of June 30, 2020, and operates over 1,000 branches in 15 states.

On August 13, 2020, KeyBank launched Key Smart Checking, a new checking account aimed at improving financial wellness. This account features no recurring monthly maintenance fees and offers tools like overdraft protection and EasyUp for automatic savings. Customers can access over 1,400 KeyBank ATMs and 40,000 Allpoint ATMs without surcharge fees. The initiative aligns with KeyBank's goal to support clients during ongoing financial challenges from the pandemic, by providing a digital banking experience with comprehensive financial management tools.

KeyCorp (NYSE: KEY) reported a net income of $159 million for Q2 2020, up from $118 million in Q1 2020 but down 60.5% from $403 million in Q2 2019. The results reflect the CECL accounting method and the impact of COVID-19. The provision for credit losses exceeded net charge-offs by $386 million, showing prudent risk management. Total revenue was $1.717 billion, a 17.1% increase from Q1 2020, driven by strong noninterest income growth. KeyCorp remains well-capitalized and actively participated in the Paycheck Protection Program, providing over $8 billion in loans.