KeyCorp Reports Strong Q3 Earnings with Record Revenue and Improved Financial Metrics
KeyCorp (KEY) reported strong third-quarter earnings for 2026, driven by record total revenue of $2.04 billion—a year-over-year increase of 8.4%. Net income rose to $537 million (+18.3% YoY), with diluted EPS reaching $0.51 (up 24.4%). The bank's net interest margin expanded to 2.95%, reflecting proactive beta management, while return on average tangible common equity improved significantly to 15.11%. Management also raised guidance for several metrics including NII growth and commercial loan expansion. KeyCorp’s performance was supported by strong investment banking fees ($214 million) and a reduction in net charge-offs (0.32% vs. 0.42%). The bank reported $3.6 billion sequential deposit growth, with average deposits reaching $151.2 billion. Additionally, the company repurchased $320 million of common shares during Q3 to meet its full-year buyback target. Despite positive results, management highlighted ongoing risks including macroeconomic uncertainty and volatility in transactional real estate markets.
Tickers: $KEY
Topics: Banking Sector Financial Performance
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