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- KeyCorp (NYSE:KEY) reported Q1 revenues increased 1.1% Y/Y to $1.71 billion, missing the consensus of $1.79 billion.
- Consumer Bank revenues rose 5.4% Y/Y to $842 million, while Commercial Bank revenues increased 4.1% Y/Y to 841 million in the quarter.
- Net interest income (NII; on a tax-equivalent basis) grew 8.4% Y/Y to $1.11 billion, with net interest margin of 2.47% (+1 basis points), led by higher earning asset balances and a rise in interest rates.
- Non-interest expenses rose 9.9% Y/Y to $1.18 billion on higher personnel expenses.
- Net income from continuing operations declined 34.5% Y/Y to $275 million, including $126 million from allowance build and expense initiative.
- EPS of $0.30 missed the consensus of $0.44.
- KEY has $752 million shares remaining under repurchase authorization through Q3 2023.
- Average deposits fell 4.5% Y/Y to $143.4 billion, reflecting high inflation-related spending, the normalization of pandemic-related deposits and changing customer behaviour due to increased interest rates.
- Average total loans rose 15.5% Y/Y to $119.8 billion, reflecting a rise in commercial and industrial loans and commercial mortgage real estate loans.
- Provision for credit losses was $139 million compared with $83 million on the uncertain economic outlook and higher net loan charge-offs (+36.4% Y/Y).
- Common Equity Tier 1 ratio was 9.1%, down from 9.4% as of March 31, 2022.
- Assets under management stood at $53.7 billion, flat Y/Y.
- "The successful de-risking of our loan portfolios over the last decade positions Key to outperform, from a credit perspective. In the first quarter, we added to our allowance for credit losses to reflect changes in our economic outlook, with our allowance now representing over 7 years of annualized net charge-offs. Additionally, we delivered another quarter of strong credit performance, with net charge-offs of 15 basis points." Chris Gorman, Chairman and CEO.
- Price Action: KEY shares are trading lower by 7.19% at $11.49 premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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