KeyCorp Net Income Rises to $472 Million in Second Quarter

The bank’s revenue reached $1.96 billion, marking a 7% year-over-year increase. Performance was anchored by a 9% rise in net interest income, bolstered by a 2.89% net interest margin. This growth was driven by a favorable shift toward higher-yielding commercial and industrial loans, alongside proactive management of deposit costs as interest rates fluctuated.

KeyCorp’s Chairman and CEO Chris Gorman highlighted the performance of priority business segments, noting that investment banking pipelines grew 9% sequentially, while assets under management climbed to a record $74 billion. Despite a 3% sequential increase in commercial and industrial loan balances, the bank maintained its capital strength, ending the quarter with an estimated Common Equity Tier 1 ratio of 11.2%. Shareholders saw continued returns as the firm repurchased $341 million in common stock during the period.