Welcome to our dedicated page for KeyCorp news (Ticker: KEY), a resource for investors and traders seeking the latest updates and insights on KeyCorp stock.
KeyCorp (NYSE: KEY) is a prominent financial services company headquartered in Cleveland, Ohio, with roots dating back nearly 200 years to Albany, New York. As one of the nation's largest bank-based financial services companies, KeyCorp has assets of approximately $187 billion as of March 31, 2024. The company operates under the name KeyBank National Association and serves clients through a network of approximately 1,000 branches and 1,200 ATMs across 15 states.
KeyCorp's core services include deposit, lending, cash management, and investment services tailored to individuals and businesses. The company also offers sophisticated corporate and investment banking products such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies throughout the United States under the KeyBanc Capital Markets trade name.
KeyBank is committed to making homeownership more accessible through its array of mortgage products and special purpose credit programs. Recently, the bank introduced Freddie Mac's Home Possible® mortgage loan, designed to offer more options and credit flexibilities to eligible individuals, aiming to boost homeownership rates.
The company also emphasizes wealth management for high net worth (HNW) and ultra-high net worth (UHNW) clients through Key Wealth, which includes Key Private Bank, Key Family Wealth, and Key Institutional Advisors. A strategic partnership with Neuberger Berman has further enhanced Key Wealth's offerings by integrating customized portfolio management to optimize tax efficiency and deliver better client outcomes.
Additionally, KeyCorp focuses on community development and corporate social responsibility. It has invested significantly in projects aimed at affordable housing, supporting small businesses, and educational initiatives. For instance, KeyBank recently invested in clean energy career preparation courses and skilled trade programs to help youth from diverse backgrounds thrive in emerging industries.
Financially, KeyCorp remains robust with a Common Equity Tier 1 ratio of 10.3% as of the first quarter of 2024. Despite challenges such as higher interest rates impacting net interest income and margin, the company continues to show resilience with steady customer deposits and low nonperforming loan ratios. The company declared a dividend of $0.205 per common share for the first quarter, reflecting its strong capital position.
For more information about KeyCorp's services, financial performance, and community initiatives, visit their official website at https://www.key.com.
KeyBank highlights the importance of resources and education for homebuyers, especially those in underserved communities, during Fair Housing Month. A recent poll indicates that 38% of homeowners prioritize location over price when buying homes, yet only 47% felt they received fair market value. KeyBank offers various support tools, including Special Purpose Credit Programs, the Key Opportunities Home Equity Loan, and the Home Buyer Credit to facilitate affordable homeownership. The bank aims to empower borrowers with knowledge and options through its Fair Housing Month site and online tools.
KeyCorp (NYSE: KEY) reported a net income of $275 million, or $0.30 per diluted share, for Q1 2023, down from $356 million ($0.38) in Q4 2022 and $420 million ($0.45) in Q1 2022. The decline reflects a decrease in net interest income, which totaled $1.1 billion, down 9.9% from the previous quarter due to increased deposit costs. Noninterest income also fell by 9.4% to $608 million. However, the company maintained strong liquidity with a Common Equity Tier 1 ratio of 9.1%. Net charge-offs were 15 basis points of average loans, indicating solid credit quality. Average loans increased by 1.8% year-over-year, while average deposits decreased by 4.5%. KeyCorp continues to adapt its relationship-based banking model, supporting stable operations in varying market conditions.
KeyCorp has published its 2022 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to helping clients, colleagues, and communities thrive. The report highlights achievements in four key areas: climate stewardship, financial inclusion, diversity, equity, and inclusion, and data privacy and security.
In 2022, Key deployed $5 billion to support a low carbon economy and invested over $6 billion in affordable housing and small business lending. The company also made significant strides in enhancing diversity, increasing representation of people of color in senior leadership by 36% within 18 months. Additionally, it reinforced data safeguards to protect client information. These efforts underline KeyCorp's dedication to responsible corporate citizenship and creating shared value.
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