KeyCorp reports Q2 EPS 27c, consensus 31c

Reports Q2 revenue $1.6B, consensus $1.63B. Reports Q2 CET1 capital ratio 9.2%. Reports Q2 book value per share $12.18. Chairman and CEO Chris GOrman said, “Key‘s second quarter results reflect our durable relationship-based business model, sound risk management, and strong balance sheet. Our longstanding commitment to primacy continues to serve us well, resulting in period-end deposit growth of $1 billion from the prior quarter. Additionally, our results demonstrate our ongoing commitment to expense discipline. Expenses were down nearly 9% from the prior quarter, and stable compared to last year. We remain focused on improving productivity and efficiency across our businesses. Credit quality continues to be a strength for Key, with net charge-offs to average loans of 17 basis points. In the second quarter, we added to our allowance, which represents over 7 years of annualized net charge-offs. We continue to manage capital consistent with our capital priorities, which include supporting our relationship clients and dividends. At the end of the second quarter, Key’s Common Equity Tier 1 ratio was 9.2%, up over 10 basis points from the prior quarter. I am confident in the long-term outlook for Key and in our ability to deliver value to all of our stakeholders.”