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Morningstar’s Analysis

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Economic Moat

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Capital Allocation

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Solid Fourth Quarter for KeyBank With Strong Fee Income While Still Awaiting Pick-Up in Loans

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

No-moat rated KeyCorp reported solid fourth-quarter earnings of $0.65, beating the FactSet consensus of $0.56. Top-line full-year revenue came in at $7.3 billion compared with our estimate of $7.1 billion. The beat was primarily attributable to higher-than-expected net interest income and fee income, with investment banking being exceptionally strong during the quarter. KeyCorp generated positive operating leverage during the quarter and for the full year, which management expects to do again in 2022.

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Company Profile

Business Description

With assets over $150 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.

Contact
127 Public Square
Cleveland, OH, 44114-1306
T +1 216 689-3000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 17,034

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