KeyCorp三季度调整后EPS超预期并上调全年收入指引，但收入略低于共识、盘前反应温和

KeyCorp ( KEY ) turned in a solid Q3 earnings beat and boosted its full-year revenue guidance to the upper end of its prior range as net interest income continued to grow and investment banking and debt fees jumped 27% sequentially. Q3 revenue, though, fell just short of the Wall Street consensus. Q3 adjusted EPS of $0.51 , beating the consensus estimate of $0.46, rose from $0.44 in Q2 and $0.41 in last year’s Q3. Total revenue (taxable equivalent) of $2.04B, lagging the $2.05B consensus, climbed from $1.96B in the previous quarter and $1.90B in the year-ago quarter. "We delivered record revenue and record preprovision net revenue while generating a return on tangible common equity exceeding 15%," said Chairman and CEO Chris Gorman. "These results reinforce our confidence in achieving and sustaining a return on tangible common equity of 15%+ by the end of 2027." KeyCorp ( KEY ) now expects full-year 2026 revenue growth of ~8% vs. 7%-8% previously, with net interest income expected to increase ~10%, compared with its prior outlook of +9%-11%. Adjusted noninterest income is expected to grow 6%-7% vs. its previous guidance of +5%-6%. The company also expects 2026 average loans to increase ~5% Y/Y, compared with the prior outlook of +4%-5%. KeyCorp ( KEY ) stock rose 0.8% in premarket trading. Q3 net interest income (taxable equivalent) of $1.31B, exceeding the S&P CapIQ consensus of $1.30B, rose from $1.26B in Q2 and $1.19B in Q3 2025. Noninterest income of $744M, missing the S&P CapIQ consensus of $748M, increased 4.0% Q/Q and 9.8% Y/Y. Trust and investment services income of $165M rose 3.8% Q/Q and 10% Y/Y. Investment banking and debt placement fees of $214M jumped 27% Q/Q and 16% Y/Y. Cards and payments income of $93M fell 1.1% Q/Q and grew 8.1% Y/Y. KeyCorp’s ( KEY ) provision for credit losses of $81M decreased from $92M in Q2 and $107M in last year’s Q3. That compares with the S&P CapIQ estimate of $114M. Adjusted preprovision net revenue of $807 climbed from $747M in the prior quarter and $713M in the year-ago quarter. Noninterest expense of $1.25B vs. $1.22B in the prior quarter and $1.18B a year ago. Average deposits were $151.2B vs. $147.6B in Q2. Its cost of total deposits increased to 1.66% from 1.63% in the previous quarter. Average loans of $111.6B climbed from $110.1B in Q2. Return on tangible common equity of 15.1% improved by 222 basis points from Q2 and 260 bps from Q3 2025. Conference call at 8:00 AM ET