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KeyCorp’s Q3 profit jumps 55 percent, beats analysts’ expectations

KeyBank’s downtown Syracuse office building (ADAM ROMBEL/CNYBJ)

KeyCorp (NYSE: KEY) recently reported that its net income in the third quarter increased 55 percent to $616 million, or 65 cents per share, from $397 million, or 41 cents, in the year-ago period, driven by strong revenue growth, especially fee-based income. KeyCorp — based in Cleveland, Ohio — is parent of KeyBank, which ranks […]

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KeyCorp (NYSE: KEY) recently reported that its net income in the third quarter increased 55 percent to $616 million, or 65 cents per share, from $397 million, or 41 cents, in the year-ago period, driven by strong revenue growth, especially fee-based income.

KeyCorp — based in Cleveland, Ohio — is parent of KeyBank, which ranks No. 2 in deposit market share in the 16-county Central New York region.

Key’s earnings per share this quarter easily beat the consensus analyst estimate of 57 cents, according to Zacks Equity Research.

The banking company generated record total revenue of $1.82 billion in the third quarter, up 8 percent from the year-prior quarter. That topped the Zacks estimate of $1.76 billion. Key’s noninterest income was up 17 percent in the third quarter compared to the same quarter in 2020.

KeyCorp completed $593 million worth of repurchases of its common stock in the latest quarter.

Jornal Staff

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Published by
Jornal Staff
3 years ago

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