01—Abstract
Summary
Summary of the 8-K filed September 26, 2025. Cited figures are marked; the original filing is the authoritative source.
KeyCorp filed this Form 8-K on September 26, 2025 under Item 7.01 (Regulation FD Disclosure) to furnish an investor presentation for its Europe September 2025 investor meetings, posted to its Investor Relations website.
The filing itself contains no new financial results; the substance is in Exhibit 99.1, which is furnished rather than filed under Section 18. The presentation is the source of the figures below. The presentation describes a relationship-based, "Regional Bank with National Reach and Scale" with $185 billiona in assets, $147 billion in deposits, $106 billion in loans and $64 billion in assets under management as of June 30, 2025.
For 1H25, diluted EPS was $0.69b (up 47% versus 1H24), revenue (TE) was $3.61 billion (up 18%), and the cash efficiency ratio improved to 63.0%. Management reiterated 2025 outlook ranges, including average loans up 1-3%, net interest income (TE) up 20-22%, adjusted noninterest income up 5%+ and adjusted noninterest expense up 3-5%, and a medium-term net interest margin target of 3.25%+. The Board authorized a $1 billion share repurchase program.
Capital and credit metrics are central to the pitch: the CET1 ratio was 11.7%c and the marked CET1 ratio 10.0% at 2Q25, with a 9.5%-10% target operating range for marked CET1. Net charge-offs were 41 basis points of average loans in 1H25 against a 10-year average of 29 basis points, and the presentation notes a credit ratings upgrade from Fitch and a positive outlook from Moody's.
02—Key points
Key Highlights
- Presentation furnished under Item 7.01 for Europe investor meetings; not deemed filed under Section 18 of the Exchange Act.
- 1H25 diluted EPS of $0.69, up 47% versus 1H24; revenue (TE) of $3.61 billion, up 18%; return on tangible common equity of 11.2%.
- Balance sheet at 6/30/2025: $185 billion in assets, $147 billion in deposits, $106 billion in loans, $64 billion in assets under management.
- CET1 ratio of 11.7% and marked CET1 ratio of 10.0% at 2Q25, with a target operating range of 9.5%-10% for marked CET1.
- 2025 outlook: average loans up 1-3%, ending loans up ~2% versus year-end 2024, net interest income (TE) up 20-22%, adjusted noninterest income up 5%+, adjusted noninterest expense up 3-5%.
- Net interest margin of 2.66% and medium-term target of 3.25%+, with stated tailwinds from fixed-rate asset repricing, loan recycling and funding mix optimization.
- Board authorized a $1 billion share repurchase program; 1H25 net charge-offs of 0.41% of average loans versus a 10-year average of 0.29%.
03—Questions
Frequently Asked Questions
Does this 8-K disclose new financial results?
No. The filing is a Regulation FD disclosure furnishing an investor presentation posted to KeyCorp's website. The figures cited come from that presentation, which summarizes 1H25 results and outlook as of 2Q25 and includes the 2025 outlook ranges.
What are the key 2025 guidance changes in the presentation?
The presentation shows revised ranges versus prior guidance: average loans are now down 1-3% (previously down 2-5%), ending loans are up ~2% versus year-end 2024 (previously flat), and net interest income (TE) is now up 21-22% (previously up ~20%). The 4Q25 net interest margin is now projected at ~2.75% (previously 2.70%+).
How is KeyCorp positioning its capital?
At 2Q25 the CET1 ratio was 11.7% and the marked CET1 ratio, which includes AOCI impacts from securities and pensions, was 10.0%. The company cites a target operating range of 9.5%-10% for marked CET1 and says it will productively deploy excess capital, including through the $1 billion repurchase authorization.
What drives the noninterest income and fee business story?
The presentation highlights differentiated fee businesses: investment banking and debt placement fees of $661 million in 2020 rising to $688 million in 2024, a 2025 forecast in the mid-$700 millions, and a medium-term target of about $1 billion. Wealth AUM reached a record $64 billion, and commercial mortgage servicing fees rose 25% in 1H25.
04—Continue