Keycorp

Strong results + record momentum (good) - Q3 EPS: $0.51, +24% YoY - Revenue: >$2B, +8% YoY (reported record quarterly revenue) - PPNR: +$60M (linked-quarter basis) and record-level profitability - ROTCE / returns: 15.1% on average tangible common equity (+260 bps YoY), supporting their target of 15%+ by year-end 2027 (and longer-term 16%–19%)

Net interest margin improved; deposit franchise outperformed (good/surprising) - NIM: 2.95%, +6 bps sequentially (sequential NIM expansion) - Deposit growth: Average total deposits +$3.6B sequentially (+2.4%), while deposit costs only +3 bps - Client deposit growth: +$2.8B excluding CDs (driven by commercial operating balances) - Funding: wholesale funding reduced as deposits grew faster than loans - Sensitivity/beta outlook: expects mid-fifties cumulative beta over time and symmetric-ish behavior vs easing cycle (with a lag in early quarters)

Credit quality improving; guidance tightened (good, but still with uncertainty) - Net charge-offs: 32 bps annualized (improved); $89M net charge-offs in quarter - Non-performing assets: 55 bps, -19 bps sequentially (lowest since late 2023) - Provision: $61M, including a $28M reserve release (partially offset by qualitative builds due to macro/geopolitical uncertainty) - Q4 / full-year credit outlook (tightened): full-year net charge-offs now 37–39 bps vs prior 40–45 bps