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KeyCorp posted a September 2026 investor presentation outlining 2Q26 and first-half results, business priorities and targets. For 1H26, taxable-equivalent revenue was $3,917 million, up 8% from 1H25; diluted EPS was $0.88, up 28%, and taxable-equivalent net interest income was $2,488 million, up 10%. 2Q26 revenue was $1,964 million.
Assets under management reached a record $74 billion as of June 30, 2026. KeyCorp reported a 9.8% marked CET1 ratio and net charge-offs of 42 basis points of average loans in 2Q26. It repurchased $341 million of common shares in 2Q26 at an average $21.95 per share. In May 2026, the Board authorized up to $3 billion of repurchases; KeyCorp expects at least $1.3 billion in 2026. Its planned technology budget is about $1 billion, up about $200 million from 2024.
For FY2026, KeyCorp projects taxable-equivalent revenue growth of about 8%, net interest income growth of 9–11%, and a 4Q26 exit net interest margin of 3.00–3.05%. It projects average loan growth of 4–5% and net charge-offs to average loans of 40–45 basis points. Its 4Q27 targets are net interest margin of 3.25%+ and ROTCE of 15%+.
KEYCORP (symbol: KEY) is the issuer of record for a Form 4 filing submitted to the SEC. Gorman Christopher M. reported disposition transactions in this Form 4 filing.
KEYCORP Chairman and CEO Christopher M. Gorman reported that 29,821 common shares were transferred from a grantor retained annuity trust to his children when the trust terminated on September 21, 2026. The remaining shares in the trust were returned to Gorman and are reported as directly owned; his direct holding was 929,451 shares, including approximately 191 shares acquired under the KeyCorp Second Amended and Restated Discounted Stock Purchase Plan since March 2026.
A separate indirect holding of 5,443 shares in the 401(k) Plan was reported as of September 22, 2026.
KeyCorp (KEY) used a Barclays Global Financial Services Conference presentation to outline its 2026 outlook and provide context on recent results. Management expects full-year 2026 revenue to grow by roughly 8% from a 2025 baseline of $7.5 billion on an operating, taxable-equivalent basis, with net interest income projected to rise 9–11% from a $4.7 billion baseline.
The outlook assumes 4Q 2026 net interest margin of 3.00–3.05%, average earning assets up $1–2 billion from 2Q 2026, and 2026 noninterest income growth of 4–5% (or 6–7% on an adjusted basis). Adjusted noninterest expense is expected to increase about 4% from a $4.7 billion 2025 baseline. Average loans are guided to grow 4–5% from a $105.7 billion 2025 average, including 8–10% growth in average commercial loans from a $74.5 billion baseline. Guidance incorporates a GAAP tax rate of about 22% and a tax-equivalent effective rate near 23%, and is presented using several non-GAAP measures with reconciliations described in the presentation.
KeyCorp plans to redeem all outstanding Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock represented by depositary shares. The redemption covers 525,000 depositary shares, representing 21,000 preferred shares with an aggregate liquidation preference of $525,000,000, effective on September 15, 2026.
Each preferred share will be redeemed for $25,312.50 (or $1,012.50 per depositary share), equal to the $25,000 per share liquidation preference plus accumulated and unpaid dividends and distributions through the redemption date. After redemption, the Series D preferred stock will no longer be outstanding, with only the right to receive the redemption price remaining.
KeyCorp generated $472 million of net income from continuing operations attributable to common shareholders in the second quarter of 2026, equal to $0.44 of diluted EPS. Taxable-equivalent net interest income was $1.26 billion with a 2.89% net interest margin, both higher than a year earlier.
Average loans reached $110.1 billion, driven by commercial growth, while consumer balances declined as low-yielding loans were run off. Total loans were $110.4 billion and deposits $153.1 billion at June 30, 2026; uninsured deposits were 45% of total. The provision for credit losses fell to $92 million as prior-year reserve builds were not repeated, with net charge-offs of 42 basis points. Assets under management rose to $74.2 billion, up 15.5% year-over-year, supporting fee income growth.
Capital remained strong, with a Common Equity Tier 1 ratio of 11.17%. KeyCorp repurchased $341 million of common shares in the quarter under a new $3.0 billion authorization and raised its 2026 outlook for revenue, net interest income, and average loans, reflecting stronger commercial loan demand and ongoing client acquisition.
KEYCORP Chief Risk Officer Ramani Mohit sold 25,000 Common Shares on July 22, 2026 at an average price of $22.74 per share in a sale described as a sale in open market or private transaction. Following this sale, Mohit directly owns 29,855 Common Shares, which includes approximately 1,067 shares acquired through dividend reinvestments between March and June 2026.
A shareholder of KeyCorp filed a notice on Form 144 to sell up to 25,000 shares of common stock through Fidelity Brokerage Services LLC on or after July 22, 2026 on the NYSE, with a proposed aggregate sale price of $568,500.00. The shares to be sold were acquired primarily through restricted stock vesting on January 23, 2026 (21,406 shares) and February 17, 2026 (3,195 shares), and through a dividend reinvestment transaction on June 12, 2026 (399 shares).
KeyCorp reported second quarter 2026 net income from continuing operations attributable to common shareholders of $472 million, or $0.44 per diluted share, up from $387 million, or $0.35, in the prior-year quarter.
Total revenue on a taxable-equivalent basis was $1.96 billion, a 6.7% year-over-year increase, driven by 9.4% growth in net interest income to $1.26 billion and a net interest margin of 2.89%. Noninterest income rose 2.3% to $706 million, with higher trust and investment services and cards and payments income partially offset by lower commercial mortgage servicing fees.
Noninterest expense increased 5.5% year-over-year to $1.22 billion, mainly from higher personnel costs. Net loan charge-offs were $115 million, or 0.42% of average loans, and the allowance for credit losses was $1.72 billion, or 1.56% of period-end loans. The Common Equity Tier 1 capital ratio was 11.2%, and KeyCorp repurchased $341 million of common shares while declaring a $0.205 quarterly common dividend.
Bank of Nova Scotia, a ten percent owner of KeyCorp, reported an issuer-directed disposition of 176,803 common shares at $23.18 per share. The transaction was carried out under an Investment Agreement that provides for Bank of Nova Scotia to participate automatically, on a pro rata basis, in certain repurchases of KeyCorp common shares. Following this disposition, Bank of Nova Scotia still holds 157,470,114 KeyCorp common shares, indicating that this was a relatively small adjustment to a very large position.
KeyCorp director Alexander M. Cutler exercised deferred share units into common shares. On July 1, 2026, he converted 26,893 deferred shares, which are economically equivalent to common shares, into 26,893 common shares with no stated exercise price.
Following the transaction, Cutler directly owned 325,309 common shares and 39,609 deferred shares. The filing shows an exercise and conversion of a derivative-type award with no accompanying open-market sale, so it reflects a change in the form of his equity holdings rather than a trade in the market.