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KeyCorp Receives Strategic Minority Investment from Scotiabank
Prnewswire· 2024-08-12 18:00
Opportunistic capital raise on attractive terms Accelerates capital and earnings improvement; capital raise estimated to result in pro forma CET1 of 12.4% Further strengthens Key's capacity for growth CLEVELAND, Aug. 12, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced it has reached an agreement under which The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) will make a strategic minority investment in KeyCorp of approximately $2.8 billion, representing approximately 14.9% pro forma commo ...
Scotiabank announces agreement to acquire 14.9% equity interest in KeyCorp
Prnewswire· 2024-08-12 18:00
TORONTO, Aug. 12, 2024 /PRNewswire/ - Scotiabank announced today that it has entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp through an issuance of common shares at a price of $17.17 per share, representing an 11% premium to the volume weighted average price for the last 20 trading days. The total cash consideration is approximately US$2.8 billion (the "Investment"). KeyCorp is a premier U.S. based financial services company operating across 15 states, with US$ ...
Key Secured Credit Card® Builds Financial Futures for More than 30,900 Program Graduates
Prnewswire· 2024-07-29 21:07
Achievement celebrates hard work done by clients to build their credit history and grow their financial futureCLEVELAND, July 29, 2024 /PRNewswire/ -- Today, KeyBank (NYSE: KEY) announced that the Spring 2024 graduating class of the Key Secured Credit Card® program comprises more than 2,800 clients who have worked hard to improve their credit scores and establish financial stability. This class brings the total number of graduates to more than 30,900 clients since the program's inception in 2019. The Key Se ...
Keyp(KEY) - 2024 Q2 - Quarterly Report
2024-07-27 02:52
财务报表 - 公司资产负债表、利润表、其他综合收益表、股东权益变动表和现金流量表等财务报表[9] 收入与利润 - 公司2024年第二季度总收入为943,195,733美元[7] - 公司2024年第二季度净利息收入为14亿美元[14] - 公司2024年第二季度非利息收入为10亿美元[19] - 公司2024年第二季度所得税费用为3亿美元[23] - 公司于2023年6月30日季度的净收入与2024年6月30日季度相比有所变化[68] - 净息差(TE)为2.04%,较去年同期下降8个基点[76] - 净息收入(TE)较去年同期下降8700万美元,主要受贷款余额下降和存款成本上升影响[77] - 上半年净息收入(TE)较去年同期下降3.07亿美元,净息差下降26个基点[78] 资产负债情况 - 公司2024年6月30日的贷款总额为1071亿美元,较2023年12月31日的1126亿美元下降[153][154] - 公司消费者贷款总额为336亿美元,较2023年12月31日下降4.2%,主要是各类消费贷款均有所下降[166] - 公司2024年6月30日的贷款总额为335.53亿美元,其中房地产抵押贷款占60.8%[169] - 公司证券投资组合总额为454亿美元,其中可供出售证券占82.4%[176] - 公司存款总额为1457亿美元,较2023年12月31日增加1.33亿美元[189] - 无保险存款占存款总额的43%,约为623亿美元[191] - 批发资金总额为222亿美元,较2023年12月31日略有下降[194] 资本管理 - 公司资本充足率指标包括总资本充足率和一级资本充足率等[15] - 公司资本充足率指标持续改善,2024年6月30日的普通股一级资本比率为10.5%,较上一季度提高约20个基点,较去年同期提高超过120个基点[32] - 公司需要每两年接受一次监管压力测试,最新的压力测试结果显示公司资本充足率高于监管要求[50] - 公司资本管理目标是维持与风险偏好一致的资本水平,以支持业务发展和派发股息[195] 风险管理 - 公司面临的主要风险包括市场风险、流动性风险、信用风险和操作风险等[37] - 公司维持稳健的风险管理实践,将继续支持客户,同时保持适度的风险状况,并将有利于公司在各种商业周期中表现良好[28] - 公司目标维持0.40%至0.60%的平均贷款净核销率区间,体现了公司的适度风险状况[27][28] 业务结构 - 公司主要业务包括消费者银行和商业银行两大板块[20] - 消费者银行2024年第二季度的净收入为6700万美元,贷款和租赁平均余额下降31亿美元,存款平均余额增加40亿美元[131] - 商业银行2024年第二季度的净收入为2.07亿美元,贷款和租赁平均余额下降87亿美元,存款平均余额增加48亿美元[143] 非利息收入 - 非利息收入占总收入的41%,达6.27亿美元,较上年同期的38%有所增加[95,98] - 信托和投资服务收入增加10.3%,主要由于经纪费收入和与管理资产规模增加相关的投资管理费增加[107] - 投行和债务配售费用增加5%,主要由于债券资本市场承销和并购活动相关费用增加[110,111] - 存款账户服务费下降4.3%,主要由于维护费和透支费用减少[112] 费用管理 - 公司2024年第二季度拨备计提为1.5亿美元[19] - 公司2024年第二季度非利息支出为12亿美元[21] - 人员费用增加2.3%,主要由于股票激励费用增加[124] - 非人员费用在2024年6月30日结束的三个月内下降1100万美元,或2.4%,主要是由于大多数其他费用类别的下降抵消了计算机处理费用的增加[125] - 公司在2024年6月30日结束的六个月内的税收费用为1.21亿美元,而2023年同期为1.39亿美元[126][127][128] 其他 - 公司关注维持正的营运杠杆和54%至56%的现金效率比率作为长期财务目标[25][26] - 公司关注为股东创造价值,目标16%至19%的平均有形普通股权益回报率[29][30] - 公司关系型业务模式和长期战略承诺持续发挥作用,客户存款同比增长5%,消费者关系家庭同比增长3.3%[32] - 公司推出的面向大众富裕客户的私人客户业务自去年推出以来,已新增3.1万户家庭,新增约29亿美元家庭资产[32] - 公司预计2024年全年平均贷款下降7%至8%,净息差下降2%至5%,非利息收入增长5%以上,费用相对稳定[33][34]
KeyCorp: Q2 Points To Ongoing Net Interest Income Gains
Seeking Alpha· 2024-07-19 01:41
JHVEPhotoShares of KeyCorp (NYSE:KEY) have been a strong performer over the past year, rising nearly 58%, as the bank has recovered solidly from the regional banking crisis. On Thursday morning, Key reported a solid set of Q2 earnings, causing shares to pull back modestly from a 52-week-high. I last covered KEY in March, rating shares a “buy” given balance sheet optimization efforts, and since that recommendation, Key is up 10% vs the market’s 9% gain. Given its large run, I understand the impulse to ta ...
Keyp(KEY) - 2024 Q2 - Earnings Call Transcript
2024-07-19 00:24
财务数据和关键指标变化 - 第二季度公司报告收益2.37亿美元,每股0.25美元,较上年同期下降0.02美元,但较上一季度上升0.05美元 [6] - 收入基本持平,通过投行业务收入下降的影响得到抵消 [6] - 费用保持良好控制,信贷成本稳定 [6] - 公司继续推进提升盈利能力的既定路径 [6] 各条业务线数据和关键指标变化 - 净利息收入从第一季度的低点开始增长,有信心实现全年和第四季度的承诺 [7] - 存款价值创造持续是一个积极的故事,存款同比增长5%,非计息存款占比20% [7] - 财富管理业务表现强劲,新增3.1万户和29亿美元资产 [8] - 商业支付业务存款同比增长9%,现金管理费用增长约10% [9] - 投行业务第二季度收入低于第一季度,但管理层对业务前景保持乐观,管线处于高位 [10] - 第三方商业贷款服务业务表现良好,是一个逆周期业务 [10] 各个市场数据和关键指标变化 - 贷款需求疲软,定价环境竞争激烈,但管线正在建立,中型企业和机构业务管线均有所增长 [11] 公司战略和发展方向及行业竞争 - 公司继续保持谨慎的贷款定价策略,存款累计利率上涨53% [7][18] - 公司在财富管理、商业支付、投行等重点战略领域保持良好发展势头 [8][9][10] - 公司在一些垂直行业如医疗、房地产、科技等有独特优势,嵌入式银行战略也很及时 [9] 管理层对经营环境和未来前景的评论 - 管理层对公司未来前景感到兴奋,净息差下降的阶段已经过去,未来将成为净息差的推动力 [13] - 管理层对公司各业务线的发展势头感到鼓舞,存款增长、投行和贷款管线的改善都令人鼓舞 [13] 其他重要信息 - 公司资本充足率进一步提升,CET1达到10.5%,远高于监管要求 [12][25] - 公司对监管机构的压力测试结果持有不同看法,认为对商业房地产和抵押贷款组合的预测过于悲观 [12] - 公司全年业绩指引保持不变,但调低了贷款增长预期,存款增长预期有所上调 [27] 问答环节重要的提问和回答 问题1 **Ebrahim Poonawala 提问** 询问了净息差的下行风险,如果贷款增长疲软会有什么影响 [33][34][35][36][37][38][39] **Clark H. I. Khayat 回答** 详细解释了净息差改善的各个驱动因素,并表示即使贷款增长略有不及预期,公司也有信心实现全年和第四季度的净息差目标 [34][35][36][37][38][39] 问题2 **Robert Siefers 提问** 询问了存款增长对净息差的影响 [46][47][48][49][50] **Clark H. I. Khayat 回答** 解释了公司在商业存款、非计息存款、定期存款等方面的策略,以及如何通过存款结构优化来支持净息差改善 [47][48][49][50] 问题3 **Kenneth Usdin 提问** 询问了贷款增长情况,以及公司的贷款策略 [53][54][55][56][57] **Christopher M. Gorman 回答** 分析了当前贷款需求疲软的原因,并表示公司在一些垂直行业如可再生能源、医疗等仍有较强的贷款管线 [54][55][56][57]
KeyCorp (KEY) Q2 Earnings Top, Stock Dips on Weak Asset Quality
ZACKS· 2024-07-18 21:20
KeyCorp’s (KEY) second-quarter 2024 adjusted earnings from continuing operations of 25 cents per share beat the Zacks Consensus Estimate by a penny. The bottom line, however, compared unfavorably with 27 cents earned in the prior-year quarter. The reported quarter included the FDIC special assessment charge of $5 million, but its impact on earnings was negligible.The stock lost 2% in pre-market trading on deteriorating credit quality and spread income weakness concerns.Results benefited from a rise in non-i ...
KeyCorp (KEY) Q2 Earnings Surpass Estimates
ZACKS· 2024-07-18 20:45
KeyCorp (KEY) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.17%. A quarter ago, it was expected that this company would post earnings of $0.23 per share when it actually produced earnings of $0.22, delivering a surprise of -4.35%.Over the last four quarters, the company has surpas ...
Keyp(KEY) - 2024 Q2 - Earnings Call Presentation
2024-07-18 19:43
KeyCorp Second Quarter 2024 Earnings Review July 18, 2024 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer 2Q24 Results Driving New Relationships Focused on Primacy +3.3% Net New Relationship Household Growth(1) +3% YoY Increase in noninterest income ✓Enhanced underwrite-todistribute platform through partnership with +5% Blackstone YoY Client Deposit Growth Momentum across Wealth Management, Payments, and Commercial Mortgage Servicing IB pipelines continue to build Diff ...
Keyp(KEY) - 2024 Q2 - Quarterly Results
2024-07-18 18:46
KEYCORP REPORTS SECOND QUARTER 2024 NET INCOME OF $237 MILLION, OR $.25 PER DILUTED COMMON SHARE Average deposits up $1.3 billion compared to the prior quarter and the second quarter of 2023, with client deposits up 5% year-over-year Disciplined expense management: expenses declined approximately 6% from the prior quarter and were stable versus the year-ago period Common Equity Tier 1 ratio rose 20 basis points to 10.5% (a) Credit quality remains solid: net charge-offs to average loans of 34 basis points CL ...