KeyCorp reports Q2 EPS 25c, consensus 24c

Reports Q2 revenue $1.53B, consensus $1.53B. Reports Q2 CET1 capital ratio 10.5%. Reports Q2 book value per share $13.09. Reports Q2 net charge-offs .34%. The company said, “This was a solid quarter for Key as we continued to execute on our clearly defined path to enhanced profitability. Sequentially, net interest income grew as we benefited from fixed asset repricing and continued to grow client deposits while the pace of deposit repricing slowed. Client deposits were up 5% from the prior year. Loan demand remained tepid, however, we are optimistic that we will begin to see growth in the second half of the year. We continued to make progress against our most important strategic fee-based initiatives where we benefit from a differentiated value proposition. We demonstrated momentum in Wealth Management and Commercial Payments. Additionally, our Investment Banking pipelines are meaningfully higher from prior periods. Expenses continue to be well-managed, and net charge-offs remained low. We built our Common Equity Tier 1 ratio another 23 basis points to 10.5%, bringing our organic capital build to approximately 120 basis points over the past twelve months. I am excited for our path forward and energized by our momentum which positions us to deliver sound, profitable growth.”