KeyCorp reported a net income of $486 million for the first quarter of 2026, translating to diluted earnings per share of $0.44, a significant increase from $370 million and $0.33 per share in the same period last year. The company's total revenue for the quarter reached $1.95 billion, up from $1.77 billion in the first quarter of 2025, driven by a 12% year-over-year growth in noninterest income, which amounted to $723 million. This growth was primarily attributed to strong performance in investment banking, commercial payments, and wealth management services.
In terms of operational metrics, KeyCorp's average loans increased to $107.7 billion, a rise of $3.4 billion compared to the previous year, with commercial loans seeing a notable increase of $5.7 billion. However, average consumer loans decreased by $2.3 billion, reflecting a strategic decision to reduce exposure in lower-yielding loan categories. The bank's average deposits totaled $147.8 billion, down from $148.7 billion, largely due to a planned reduction in brokered certificates of deposit.
KeyCorp's strategic initiatives included a focus on enhancing its fee-based businesses, which collectively grew by 12% year-over-year. The bank also reported a 14.3% increase in Assets Under Management, reaching $69.8 billion, driven by positive cash inflows and favorable market conditions. The company maintained a strong capital position, ending the quarter with a Common Equity Tier 1 ratio of 11.4%, which supports its ability to serve existing and prospective clients.
Looking ahead, KeyCorp anticipates continued growth in 2026, projecting a revenue increase of approximately 7% compared to 2025. The bank expects net interest income to rise by 9% to 10%, with noninterest income anticipated to grow by 3% to 4%. KeyCorp's management remains focused on maintaining risk discipline and adapting to evolving market conditions, with a commitment to enhancing operational efficiency and client service across its business segments.
About KEYCORP /NEW/
KeyCorp is a diversified financial services company providing retail and commercial banking, investment management, and related services through its subsidiary KeyBank. It serves individual, small business, corporate, and institutional clients across the U.S., offering deposit accounts, loans, trust, and wealth management. Its business model emphasizes customer-centric banking, financial advisory, and capital markets services, leveraging extensive branch networks, digital platforms, and a focus on risk management and regulatory compliance.
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