Keycorp (KEY)

KeyCorp Stock (KEY) dropped by 6.34% from $10.56 to $9.89 in the trading on Friday October 20, 2023. The reason why KEY stock down today is due to the profit-taking after strong Q3 FY23 results.

• Revenues of $1.566 billion, in line with the consensus, up 6.4% from Q2 2023. Consumer Bank revenue fell 9.8% Y/Y and Commercial Bank was down 10% Y/Y in the quarter.
• EPS of 29 cents, beating the street view of 27 cents.
• Net interest income of $923 million with net interest margin of 2.01%, due to higher interest-bearing deposit costs and a shift in funding mix to higher cost deposits and borrowings..
• Provision for credit losses fell 25.7% Y/Y to $81 million, reflecting a more stable economic outlook and balance sheet optimization efforts.