8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

 of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 20, 2022

KeyCorp

(Exact name of registrant as specified in its charter)

Ohio	001-11302	34-6542451
State or other jurisdiction of incorporation or organization:	Commission File Number	I.R.S. Employer Identification Number:

127 Public Square,	Cleveland,	Ohio	44114-1306
Address of principal executive offices:			Zip Code:

(216) 689-3000

Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $1 par value	KEY	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)	KEY PrI	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)	KEY PrJ	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)	KEY PrK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

    On July 20, 2022, KeyCorp issued a press release announcing its financial results for the three- and six-month period ended June 30, 2022 (the “Press Release”), and posted on its website its second quarter 2022 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).

    KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1    Press Release, dated July 21, 2022, announcing financial results for the three-month and six-month periods ended June 30, 2022

99.2    Supplemental Information Package reviewed during the conference call and webcast.

99.3    Financial Statements.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	KEYCORP
	(Registrant)
Date: July 20, 2022	/s/ Douglas M. Schosser
	By: Douglas M. Schosser
	Chief Accounting Officer

EX-99.1

KEYCORP REPORTS SECOND QUARTER 2022 NET INCOME OF $504 MILLION,

OR $.54PER DILUTED COMMON SHARE

Positive operating leverage compared to the prior quarter and year-ago period

Revenue up 6% from the prior quarter, driven by growth in net interest income

Strong loan growth across commercial and consumer businesses

Credit quality remains strong with net charge-offs to average loans of 16 basis points

Expanded Laurel Road’s offering for healthcare professionals and completed acquisition of GradFin

    CLEVELAND, July 21, 2022 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $504 million, or $.54 per diluted common share for the second quarter of 2022. This compared to $420 million, or $.45 per diluted common share, for the first quarter of 2022 and $698 million, or $.72 per diluted common share, for the second quarter of 2021.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 2

Selected Financial Highlights
Dollars in millions, except per share data										Change 2Q22 vs.
	2Q22			1Q22			2Q21			1Q22		2Q21
Income (loss) from continuing operations attributable to Key common shareholders	$	504		$	420		$	698		20.0	%	(27.8)	%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	.54			.45			.72			20.0		(25.0)
Return on average tangible common equity from continuing operations (a)	20.90		%	14.12		%	21.34		%	N/A		N/A
Return on average total assets from continuing operations	1.16			.99			1.63			N/A		N/A
Common Equity Tier 1 ratio (b)	9.2			9.4			9.9			N/A		N/A
Book value at period end	$	13.48		$	14.43		$	16.75		(6.6)		(19.5)
Net interest margin (TE) from continuing operations	2.61		%	2.46		%	2.52		%	N/A		N/A

(a)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “Return on average tangible common equity from continuing operations.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(b)June 30, 2022 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Net interest income (TE)	$	1,104	$	1,020	$	1,023	8.2	%	7.9	%
Noninterest income	688		676		750		1.8		(8.3)
Total revenue	$	1,792	$	1,696	$	1,773	5.7	%	1.1	%

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.1 billion for the second quarter of 2022 and the net interest margin was 2.61%. Compared to the second quarter of 2021, net interest income increased $81 million and the net interest margin increased by nine basis points. Net interest income and the net interest margin benefited from higher earning asset balances, a favorable balance sheet mix, and higher interest rates. Net interest income and the net interest margin were negatively impacted by the exit of the indirect auto loan portfolio and lower loan fees from the Paycheck Protection Program ("PPP").

Compared to the first quarter of 2022, taxable-equivalent net interest income increased by $84 million and the net interest margin increased by 15 basis points. Net interest income and the net interest margin benefited from a favorable balance sheet mix and higher interest rates, partly offset by lower loan fees related to the PPP and higher interest-bearing deposit costs. Net interest income also benefited from one additional day in the quarter.

Noninterest Income
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Trust and investment services income	$	137	$	136	$	133	.7	%	3.0	%
Investment banking and debt placement fees	149		163		217		(8.6)		(31.3)
Service charges on deposit accounts	96		91		83		5.5		15.7
Operating lease income and other leasing gains	28		32		36		(12.5)		(22.2)
Corporate services income	88		90		55		(2.2)		60.0
Cards and payments income	85		80		113		6.3		(24.8)
Corporate-owned life insurance income	35		31		30		12.9		16.7
Consumer mortgage income	14		21		26		(33.3)		(46.2)
Commercial mortgage servicing fees	45		36		44		25.0		2.3
Other income	11		(4)		13		375.0		(15.4)
Total noninterest income	$	688	$	676	$	750	1.8	%	(8.3)	%

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 3

    Compared to the second quarter of 2021, noninterest income decreased by $62 million. The decrease was largely due to investment banking and debt placement fees, down $68 million, reflecting a slowdown in capital markets activity. Other drivers for the decrease include cards and payments income and consumer mortgage income, down $28 million and $12 million, respectively. Cards and payments income decreased as a result of lower levels of prepaid card activity. Consumer mortgage income decreased reflecting higher balance sheet retention as well as lower gain on sale margins. Partially offsetting the decrease was a $33 million increase in corporate services income, due to higher derivatives trading income.

Compared to the first quarter of 2022, noninterest income increased by $12 million. The primary drivers were other income, which increased $15 million, reflecting market-related adjustments in the prior quarter and commercial mortgage servicing, up $9 million, as a result of higher special servicing fees. Partially offsetting the increase was a $14 million decrease in investment banking and debt placement fees, related to a slowdown in capital markets activity.

Noninterest Expense
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Personnel expense	$	607	$	630	$	623	(3.7)	%	(2.6)	%
Nonpersonnel expense	471		440		453		7.0		4.0
Total noninterest expense	$	1,078	$	1,070	1,076		.7	%	.2	%

    Key’s noninterest expense was $1.1 billion for the second quarter of 2022, an increase of $2 million from the year-ago period. Nonpersonnel expense increased $18 million, including an increase in other expense, due to higher travel and entertainment, as well as an increase in computer processing expense. Personnel expense decreased $16 million, driven by lower incentive and stock-based compensation, reflecting lower production related incentives, partially offset by an increase in salaries and contract labor, as a result of higher merit increases and technology contract labor.

    Compared to the first quarter of 2022, noninterest expense increased $8 million. The increase was driven by nonpersonnel expense, which increased $31 million, largely due to higher other expense, reflecting increased travel and entertainment. Other contributing factors for the linked quarter increase include higher marketing expense and net occupancy expense. Partially offsetting the linked quarter increase was a $23 million decrease in personnel expense. The decrease was related to lower incentive and stock-based compensation as a result of lower production-related incentives and lower employee benefits expense.

BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Commercial and industrial (a)	$	53,858	$	51,574	$	51,808	4.4	%	4.0	%
Other commercial loans	21,173		20,556		19,034		3.0		11.2
Total consumer loans	34,107		31,632		29,972		7.8		13.8
Total loans	$	109,138	$	103,762	$	100,814	5.2	%	8.3	%

(a)Commercial and industrial average loan balances include $153 million, $141 million, and $132 million of assets from commercial credit cards at June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

Average loans were $109.1 billion for the second quarter of 2022, an increase of $8.3 billion compared to the second quarter of 2021. Commercial loans increased by $4.2 billion, reflecting strength in commercial mortgage real estate loans and core commercial and industrial loans, which mitigated the impact of a $6.8 billion decline in PPP balances. Consumer loans increased $4.1 billion, due to strength from Key's consumer mortgage business and Laurel Road, partly offset by the sale of the indirect auto loan portfolio.

Compared to the first quarter of 2022, average loans increased by $5.4 billion. Commercial loans increased $2.9 billion, reflecting strength in commercial and industrial loans and commercial mortgage real estate loans. Consumer loans increased $2.5 billion, driven by continued strength in Key's consumer mortgage business and Laurel Road.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 4

Average Deposits
Dollars in millions										Change 2Q22 vs.
	2Q22			1Q22			2Q21			1Q22		2Q21
Non-time deposits	$	144,012		$	146,426		$	139,480		(1.6)	%	3.2	%
Certificates of deposit ($100,000 or more)	1,487			1,639			2,212			(9.3)		(32.8)
Other time deposits	1,972			2,098			2,630			(6.0)		(25.0)
Total deposits	$	147,471		$	150,163		$	144,322		(1.8)	%	2.2	%
Cost of total deposits	.06		%	.04		%	.05		%	N/A		N/A

N/A = Not Applicable

Average deposits totaled $147.5 billion for the second quarter of 2022, an increase of $3.1 billion compared to the year-ago quarter. The increase reflects growth from consumer and commercial relationships, including higher commercial escrow and retail deposits, partially offset by a decline in time deposits.

Compared to the first quarter of 2022, average deposits decreased by $2.7 billion, largely reflecting seasonal commercial outflows and public sector deposit outflows related to stimulus funds.

ASSET QUALITY
Dollars in millions										Change 2Q22 vs.
	2Q22			1Q22			2Q21			1Q22		2Q21
Net loan charge-offs	$	44		$	33		$	22		33.3	%	100.0	%
Net loan charge-offs to average total loans	.16		%	.13		%	.09		%	N/A		N/A
Nonperforming loans at period end	$	429		$	439		$	694		(2.3)		(38.2)
Nonperforming assets at period end	463			467			738			(0.9)		(37.3)
Allowance for loan and lease losses	1,099			1,105			1,220			(0.5)		(9.9)
Allowance for credit losses	1,272			1,271			1,372			0.1		(7.3)
Provision for credit losses	45			83			(222)			(45.8)		120.3
Allowance for loan and lease losses to nonperforming loans	256.2		%	251.7		%	175.8		%	N/A		N/A
Allowance for credit losses to nonperforming loans	296.5			289.5			197.7			N/A		N/A

N/A = Not Applicable

    Key's provision for credit losses was $45 million, compared to a net benefit of $222 million in the second quarter of 2021 and provision of $83 million in the first quarter of 2022.

    Net loan charge-offs for the second quarter of 2022 totaled $44 million, or .16% of average total loans. These results compare to $22 million, or .09%, for the second quarter of 2021 and $33 million, or .13%, for the first quarter of 2022. Key’s allowance for credit losses was $1.3 billion, or 1.13% of total period-end loans at June 30, 2022, compared to 1.36% at June 30, 2021, and 1.19% at March 31, 2022.

At June 30, 2022, Key’s nonperforming loans totaled $429 million, which represented .38% of period-end portfolio loans. These results compare to .69% at June 30, 2021, and .41% at March 31, 2022. Nonperforming assets at June 30, 2022, totaled $463 million, and represented .41% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to .73% at June 30, 2021, and .44% at March 31, 2022.

CAPITAL

Key’s estimated risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at June 30, 2022.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 5

Capital Ratios
	6/30/2022		3/31/2022		6/30/2021
Common Equity Tier 1 (a)	9.2	%	9.4	%	9.9	%
Tier 1 risk-based capital (a)	10.4		10.7		11.3
Total risk based capital (a)	12.0		12.4		13.2
Tangible common equity to tangible assets (b)	5.3		6.0		7.4
Leverage (a)	8.8		8.6		8.7

(a)June 30, 2022 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

Key's capital position remained strong in the second quarter of 2022. As shown in the preceding table, at June 30, 2022, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 9.2% and 10.4%, respectively. Key's tangible common equity ratio was 5.3% at June 30, 2022.

Key elected the CECL phase-in option provided by regulatory guidance which delayed for two years the estimated impact of CECL on regulatory capital and phases it in over three years beginning in 2022. Effective for the first quarter 2022, Key is now in the three-year transition period. On a fully phased-in basis, Key's Common Equity Tier 1 ratio would be reduced by 12 basis points.

Summary of Changes in Common Shares Outstanding
In thousands					Change 2Q22 vs.
		2Q22	1Q22	2Q21	1Q22		2Q21
Shares outstanding at beginning of period		932,398	928,850	972,587	.4	%	(4.1)	%
Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans		(24)	(1,707)	(13,304)	(98.6)		(99.8)
Shares issued under employee compensation plans (net of cancellations)		269	5,255	993	(94.9)		(72.9)
	Shares outstanding at end of period	932,643	932,398	960,276	—	%	(2.9)	%

    During the second quarter of 2022, Key declared a dividend of $.195 per common share.

LINE OF BUSINESS RESULTS

    The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 6

Major Business Segments
Dollars in millions								Change 2Q22 vs.
		2Q22		1Q22		2Q21		1Q22		2Q21
Revenue from continuing operations (TE)
Consumer Bank		$	824	$	799	$	852	3.1	%	(3.3)	%
Commercial Bank		844		810		871		4.2		(3.1)
Other (a)		124		87		50		42.5		148.0
	Total	$	1,792	$	1,696	$	1,773	5.7	%	1.1	%
Income (loss) from continuing operations attributable to Key
Consumer Bank		$	107	$	70	$	257	52.9	%	(58.4)	%
Commercial Bank		315		283		432		11.3		(27.1)
Other (a)		108		94		35		14.9		208.6
	Total	$	530	$	447	$	724	18.6	%	(26.8)	%

(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

TE = Taxable Equivalent

Consumer Bank
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Summary of operations
Net interest income (TE)	$	570	$	543	$	599	5.0	%	(4.8)	%
Noninterest income	254		256		253		(.8)		.4
Total revenue (TE)	824		799		852		3.1		(3.3)
Provision for credit losses	8		43		(70)		(81.4)		111.4
Noninterest expense	676		663		584		2.0		15.8
Income (loss) before income taxes (TE)	140		93		338		50.5		(58.6)
Allocated income taxes (benefit) and TE adjustments	33		23		81		43.5		(59.3)
Net income (loss) attributable to Key	$	107	$	70	$	257	52.9	%	(58.4)	%
Average balances
Loans and leases	$	40,818	$	38,637	$	40,598	5.6	%	.5	%
Total assets	43,868		41,814		43,818		4.9		.1
Deposits	91,256		91,468		88,412		(.2)		3.2
Assets under management at period end	$	49,003	$	53,707	$	51,013	(8.8)	%	(3.9)	%

TE = Taxable Equivalent

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 7

Additional Consumer Bank Data
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Noninterest income
Trust and investment services income	$	104	$	106	$	104	(1.9)	%	—	%
Service charges on deposit accounts	59		54		48		9.3		22.9
Cards and payments income	62		57		62		8.8		—
Consumer mortgage income	14		21		26		(33.3)		(46.2)
Other noninterest income	15		18		13		(16.7)		15.4
Total noninterest income	$	254	$	256	$	253	(.8)	%	.4	%
Average deposit balances
NOW and money market deposit accounts	$	57,884	$	58,625	$	56,038	(1.3)	%	3.3	%
Savings deposits	7,515		7,233		6,523		3.9		15.2
Certificates of deposit ($100,000 or more)	1,375		1,520		2,083		(9.5)		(34.0)
Other time deposits	1,966		2,090		2,616		(5.9)		(24.8)
Noninterest-bearing deposits	22,516		22,000		21,152		2.3		6.4
Total deposits	$	91,256	$	91,468	$	88,412	(.2)	%	3.2	%
Other data
Branches	978		993		1,014
Automated teller machines	1,284		1,308		1,329

Consumer Bank Summary of Operations (2Q22 vs. 2Q21)

•Net income attributable to Key of $107 million for the second quarter of 2022, compared to $257 million for the year-ago quarter

•Taxable-equivalent net interest income decreased by $29 million, compared to the second quarter of 2021, related to the sale of the indirect auto portfolio, partially offset by strong consumer mortgage and Laurel Road balance sheet growth

•Average loans and leases increased $220 million, or 0.5%, from the second quarter of 2021, driven by growth in consumer mortgage and Laurel Road, largely offset by the sale of the indirect auto loan portfolio

•Average deposits increased $2.8 billion, or 3.2%, from the second quarter of 2021, driven by higher retail deposits

•Provision for credit losses increased $78 million, compared to the second quarter of 2021, due to a reserve release in the year-ago quarter as uncertainty caused by the pandemic subsided

•Noninterest income increased $1 million, or 0.4%, from the year-ago quarter, driven by an increase in service charges on deposit accounts, partially offset by a decline in consumer mortgage income, reflecting lower gain on sale margins and higher balance sheet retention

•Noninterest expense increased $92 million, or 15.8%, from the year-ago quarter, driven by higher salary and employee benefits expense, as well as investments in digital, security, and fraud

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 8

Commercial Bank
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Summary of operations
Net interest income (TE)	$	440	$	415	$	417	6.0	%	5.5	%
Noninterest income	404		395		454		2.3		(11.0)
Total revenue (TE)	844		810		871		4.2		(3.1)
Provision for credit losses	37		41		(131)		9.8		128.2
Noninterest expense	414		417		451		(.7)		(8.2)
Income (loss) before income taxes (TE)	393		352		551		11.6		(28.7)
Allocated income taxes and TE adjustments	78		69		119		13.0		(34.5)
Net income (loss) attributable to Key	$	315	$	283	$	432	11.3	%	(27.1)	%
Average balances
Loans and leases	$	67,834	$	64,701	$	59,953	4.8	%	13.1	%
Loans held for sale	1,016		1,323		1,341		(23.2)		(24.2)
Total assets	78,824		74,860		69,101		5.3		14.1
Deposits	54,864		57,289		54,814		(4.2)	%	0.1	%

TE = Taxable Equivalent

Additional Commercial Bank Data
Dollars in millions							Change 2Q22 vs.
	2Q22		1Q22		2Q21		1Q22		2Q21
Noninterest income
Trust and investment services income	$	33	$	30	$	27	10.0	%	22.2	%
Investment banking and debt placement fees	149		163		215		(8.6)		(30.7)
Operating lease income and other leasing gains	27		32		35		(15.6)		(22.9)
Corporate services income	80		82		47		(2.4)		70.2
Service charges on deposit accounts	36		36		34		—		5.9
Cards and payments income	23		22		49		4.5		(53.1)
Payments and services income	139		140		130		(0.7)		6.9
Commercial mortgage servicing fees	45		36		44		25.0		2.3
Other noninterest income	11		(6)		3		283.3		266.7
Total noninterest income	$	404	$	395	$	454	2.3	%	(11.0)	%

Commercial Bank Summary of Operations (2Q22 vs. 2Q21)

•Net income attributable to Key of $315 million for the second quarter of 2022, compared to $432 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $23 million, compared to the second quarter of 2021, reflecting core loan growth in commercial and industrial loans and commercial mortgage real estate loans and higher interest rates, partially offset by lower loan fees from the PPP

•Average loan and lease balances increased $7.9 billion, compared to the second quarter of 2021, reflecting growth in core commercial and industrial loans and commercial mortgage real estate loans, partially offset by a decline in PPP balances

•Average deposit balances increased $50 million, or 0.1%, compared to the second quarter of 2021, driven by growth in targeted relationships and higher commercial escrow deposits, partially offset by outflows in interest-bearing deposits

•Provision for credit losses increased $168 million, compared to the second quarter of 2021, due to a reserve release in the year-ago period as uncertainty caused by the pandemic subsided

•Noninterest income decreased $50 million from the year-ago quarter, driven by lower investment banking and debt placement fees and lower cards and payments income, partially offset by an increase in corporate services income

•Noninterest expense decreased $37 million, or 8.2%, from the second quarter of 2021, driven by lower incentive compensation, reflecting a decrease in investment banking and debt placement fees

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 9

*******************************************

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187.0 billion at June 30, 2022.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 10

CONTACTS:
ANALYSTS	MEDIA
Vernon L. Patterson	Susan Donlan
216.689.0520	216.471.3133
Vernon_Patterson@KeyBank.com	Susan_E_Donlan@KeyBank.com
Melanie S. Kaiser	Beth Strauss
216.689.4545	216.471.2787
Melanie_S_Kaiser@KeyBank.com	Beth_A_Strauss@KeyBank.com
Halle A. Nichols	Twitter: @keybank
216.471.2184
Halle_A_Nichols@KeyBank.com
INVESTOR RELATIONS:	KEY MEDIA NEWSROOM:
www.key.com/ir	www.key.com/newsroom

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key’s actual results to differ from those described in the forward-looking statements can be found in KeyCorp’s Form 10-K for the year ended December 31, 2021, as well as in KeyCorp’s subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, deterioration of commercial real estate market fundamentals, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, and the impact of the COVID-19 global pandemic on us, our clients, our third-party service providers, and the markets. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

Notes to Editors:

A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/irat 8:00 a.m. ET, on July 21, 2022. A replay of the call will be available through July 30, 2022.

For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.

*****

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 11

KeyCorp

Second Quarter 2022

Financial Supplement

Page
12	Financial Highlights
14	GAAP to Non-GAAP Reconciliation
16	Consolidated Balance Sheets
17	Consolidated Statements of Income
18	Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
20	Noninterest Expense
20	Personnel Expense
21	Loan Composition
21	Loans Held for Sale Composition
21	Summary of Changes in Loans Held for Sale
22	Summary of Loan and Lease Loss Experience From Continuing Operations
23	Asset Quality Statistics From Continuing Operations
23	Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
23	Summary of Changes in Nonperforming Loans From Continuing Operations
24	Line of Business Results

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 12

Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			6/30/2022			3/31/2022			6/30/2021
Summary of operations
	Net interest income (TE)		$	1,104		$	1,020		$	1,023
	Noninterest income		688			676			750
		Total revenue (TE)	1,792			1,696			1,773
	Provision for credit losses		45			83			(222)
	Noninterest expense		1,078			1,070			1,076
	Income (loss) from continuing operations attributable to Key		530			447			724
	Income (loss) from discontinued operations, net of taxes		3			1			5
	Net income (loss) attributable to Key		533			448			729
	Income (loss) from continuing operations attributable to Key common shareholders		504			420			698
	Income (loss) from discontinued operations, net of taxes		3			1			5
	Net income (loss) attributable to Key common shareholders		507			421			703
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	.54		$	.45		$	.73
	Income (loss) from discontinued operations, net of taxes		—			—			—
	Net income (loss) attributable to Key common shareholders (a)		.55			.46			.73
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.54			.45			.72
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		.54			.45			.73
	Cash dividends declared		.195			.195			.185
	Book value at period end		13.48			14.43			16.75
	Tangible book value at period end		10.40			11.41			13.81
	Market price at period end		17.23			22.38			20.65
Performance ratios
	From continuing operations:
	Return on average total assets		1.16		%	.99		%	1.63		%
	Return on average common equity		16.17			11.45			17.54
	Return on average tangible common equity (b)		20.90			14.12			21.34
	Net interest margin (TE)		2.61			2.46			2.52
	Cash efficiency ratio (b)		59.5			62.4			59.9
	From consolidated operations:
	Return on average total assets		1.16		%	.99		%	1.64		%
	Return on average common equity		16.27			11.47			17.67
	Return on average tangible common equity (b)		21.03			14.15			21.49
	Net interest margin (TE)		2.60			2.46			2.55
	Loan to deposit (c)		78.3			72.9			70.4
Capital ratios at period end
	Key shareholders’ equity to assets		7.7		%	8.5		%	9.9		%
	Key common shareholders’ equity to assets		6.7			7.4			8.9
	Tangible common equity to tangible assets (b)		5.3			6.0			7.4
	Common Equity Tier 1 (d)		9.2			9.4			9.9
	Tier 1 risk-based capital (d)		10.4			10.7			11.3
	Total risk-based capital (d)		12.0			12.4			13.2
	Leverage (d)		8.8			8.6			8.7
Asset quality — from continuing operations
	Net loan charge-offs		$	44		$	33		$	22
	Net loan charge-offs to average loans		.16		%	.13		%	.09		%
	Allowance for loan and lease losses		$	1,099		$	1,105		$	1,220
	Allowance for credit losses		1,272			1,271			1,372
	Allowance for loan and lease losses to period-end loans		.98		%	1.04		%	1.21		%
	Allowance for credit losses to period-end loans		1.13			1.19			1.36
	Allowance for loan and lease losses to nonperforming loans		256.2			251.7			175.8
	Allowance for credit losses to nonperforming loans		296.5			289.5			197.7
	Nonperforming loans at period-end		$	429		$	439		$	694
	Nonperforming assets at period-end		463			467			738
	Nonperforming loans to period-end portfolio loans		.38		%	.41		%	.69		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.41			.44			.73
Trust assets
	Assets under management		$	49,003		$	53,707		$	51,013
Other data
	Average full-time equivalent employees		17,414			17,110			17,003
	Branches		978			993			1,014
	Taxable-equivalent adjustment		$	7		$	6		$	6

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 13

Financial Highlights (continued)
(Dollars in millions, except per share amounts)
		Six months ended
		6/30/2022			6/30/2021
Summary of operations
	Net interest income (TE)	$	2,124		$	2,035
	Noninterest income	1,364			1,488
	Total revenue (TE)	3,488			3,523
	Provision for credit losses	128			(315)
	Noninterest expense	2,148			2,147
	Income (loss) from continuing operations attributable to Key	977			1,342
	Income (loss) from discontinued operations, net of taxes	4			9
	Net income (loss) attributable to Key	981			1,351
	Income (loss) from continuing operations attributable to Key common shareholders	924			1,289
	Income (loss) from discontinued operations, net of taxes	4			9
	Net income (loss) attributable to Key common shareholders	928			1,298
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders	$	1.00		$	1.34
	Income (loss) from discontinued operations, net of taxes	—			.01
	Net income (loss) attributable to Key common shareholders (a)	1.00			1.35
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	.99			1.33
	Income (loss) from discontinued operations, net of taxes — assuming dilution	—			.01
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)	1.00			1.34
	Cash dividends paid	.39			.37
Performance ratios
	From continuing operations:
	Return on average total assets	1.08		%	1.55		%
	Return on average common equity	13.62			16.33
	Return on average tangible common equity (b)	17.15			19.88
	Net interest margin (TE)	2.53			2.56
	Cash efficiency ratio (b)	60.9			60.1
	From consolidated operations:
	Return on average total assets	1.08		%	1.55		%
	Return on average common equity	13.68			16.45
	Return on average tangible common equity (b)	17.23			20.02
	Net interest margin (TE)	2.53			2.57
Asset quality — from continuing operations
	Net loan charge-offs	$	77		$	136
	Net loan charge-offs to average total loans	.15		%	.27		%
Other data
	Average full-time equivalent employees	17,262			17,046
Taxable-equivalent adjustment		13			13

(a)Earnings per share may not foot due to rounding.

(b)The following table entitled “GAAP to Non-GAAP Reconciliations” presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.

(d)June 30, 2022, ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 14

GAAP to Non-GAAP Reconciliations

(Dollars in millions)

The table below presents certain non-GAAP financial measures related to “tangible common equity,” “return on average tangible common equity,” “pre-provision net revenue," and “cash efficiency ratio."

The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock.

The table also shows the computation for pre-provision net revenue, which is not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis.

The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provide greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.

	Three months ended									Six months ended
	6/30/2022			3/31/2022			6/30/2021			6/30/2022			6/30/2021
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)	$	14,427		$	15,308		$	17,941
Less: Intangible assets (a)	2,868			2,810			2,828
Preferred Stock (b)	1,856			1,856			1,856
Tangible common equity (non-GAAP)	$	9,703		$	10,642		$	13,257
Total assets (GAAP)	$	187,008		$	181,221		$	181,115
Less: Intangible assets (a)	2,868			2,810			2,828
Tangible assets (non-GAAP)	$	184,140		$	178,411		$	178,287
Tangible common equity to tangible assets ratio (non-GAAP)	5.27		%	5.96		%	7.44		%
Pre-provision net revenue
Net interest income (GAAP)	$	1,097		$	1,014		$	1,017		$	2,111		$	2,022
Plus: Taxable-equivalent adjustment	7			6			6			13			13
Noninterest income	688			676			750			1,364			1,488
Less: Noninterest expense	1,078			1,070			1,076			2,148			2,147
Pre-provision net revenue from continuing operations (non-GAAP)	$	714		$	626		$	697		$	1,340		$	1,376
Average tangible common equity
Average Key shareholders' equity (GAAP)	$	14,398		$	16,780		$	17,859		$	15,583		$	17,814
Less: Intangible assets (average) (c)	2,827			2,814			2,840			2,821			2,840
Preferred stock (average)	1,900			1,900			1,900			1,900			1,900
Average tangible common equity (non-GAAP)	$	9,671		$	12,066		$	13,119		$	10,862		$	13,074
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	504		$	420		$	698		$	924		$	1,289
Average tangible common equity (non-GAAP)	9,671			12,066			13,119			10,862			13,074
Return on average tangible common equity from continuing operations (non-GAAP)	20.90		%	14.12		%	21.34		%	17.15		%	19.88		%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)	$	507		$	421		$	703		$	928		$	1,298
Average tangible common equity (non-GAAP)	9,671			12,066			13,119			10,862			13,074
Return on average tangible common equity consolidated (non-GAAP)	21.03		%	14.15		%	21.49		%	17.23		%	20.02		%

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July 21, 2022

Page 15

GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended									Six months ended
	6/30/2022			3/31/2022			6/30/2021			6/30/2022			6/30/2021
Cash efficiency ratio
Noninterest expense (GAAP)	$	1,078		$	1,070		$	1,076		$	2,148		$	2,147
Less: Intangible asset amortization	12			11			14			23			29
Adjusted noninterest expense (non-GAAP)	$	1,066		$	1,059		$	1,062		$	2,125		$	2,118
Net interest income (GAAP)	$	1,097		$	1,014		$	1,017		$	2,111		$	2,022
Plus: Taxable-equivalent adjustment	7			6			6			13			13
Noninterest income	688			676			750			1,364			1,488
Total taxable-equivalent revenue (non-GAAP)	$	1,792		$	1,696		$	1,773		$	3,488		$	3,523
Cash efficiency ratio (non-GAAP)	59.5		%	62.4		%	59.9		%	60.9		%	60.1		%

(a)For the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, intangible assets exclude $2 million, $2 million, and $4 million, respectively, of period-end purchased credit card receivables.

(b)Net of capital surplus.

(c)For the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, average intangible assets exclude $2 million, $3 million, and $4 million, respectively, of average purchased credit card receivables. For the six months ended June 30, 2022, and June 30, 2021, average intangible assets exclude $2 million, and $4 million, respectively, of average purchased credit card receivables.

GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 16

Consolidated Balance Sheets
(Dollars in millions)
			6/30/2022		3/31/2022		6/30/2021
Assets
	Loans		$	112,390	$	106,600	$	100,730
	Loans held for sale		1,306		1,170		1,537
	Securities available for sale		42,437		43,681		34,638
	Held-to-maturity securities		8,186		6,871		6,175
	Trading account assets		809		848		851
	Short-term investments		2,456		3,881		20,460
	Other investments		969		722		635
		Total earning assets	168,553		163,773		165,026
	Allowance for loan and lease losses		(1,099)		(1,105)		(1,220)
	Cash and due from banks		678		684		792
	Premises and equipment		638		647		785
	Goodwill		2,752		2,694		2,673
	Other intangible assets		118		118		159
	Corporate-owned life insurance		4,343		4,340		4,304
	Accrued income and other assets		10,529		9,544		7,966
	Discontinued assets		496		526		630
		Total assets	$	187,008	$	181,221	$	181,115
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	83,628	$	86,829	$	85,242
		Savings deposits	7,934		7,840		6,993
		Certificates of deposit ($100,000 or more)	1,421		1,533		2,064
		Other time deposits	1,909		2,037		2,493
		Total interest-bearing deposits	94,892		98,239		96,792
		Noninterest-bearing deposits	50,973		50,424		49,280
		Total deposits	145,865		148,663		146,072
	Federal funds purchased and securities sold under repurchase agreements		3,234		599		211
	Bank notes and other short-term borrowings		2,809		2,222		723
	Accrued expense and other liabilities		4,056		3,615		2,957
	Long-term debt		16,617		10,814		13,211
		Total liabilities	172,581		165,913		163,174
Equity
	Preferred stock		1,900		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,241		6,214		6,232
	Retained earnings		15,118		14,793		13,689
	Treasury stock, at cost		(5,923)		(5,927)		(5,287)
	Accumulated other comprehensive income (loss)		(4,166)		(2,929)		150
		Key shareholders’ equity	14,427		15,308		17,941
Total liabilities and equity			$	187,008	$	181,221	$	181,115
Common shares outstanding (000)			932,643		932,398		960,276

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July 21, 2022

Page 17

Consolidated Statements of Income
(Dollars in millions, except per share amounts)
			Three months ended						Six months ended
			6/30/2022		3/31/2022		6/30/2021		6/30/2022		6/30/2021
Interest income
	Loans		$	923	$	837	$	888	$	1,760	$	1,777
	Loans held for sale		10		12		11		22		22
	Securities available for sale		188		173		133		361		263
	Held-to-maturity securities		48		46		45		94		90
	Trading account assets		7		6		5		13		10
	Short-term investments		13		4		6		17		11
	Other investments		4		2		2		6		4
		Total interest income	1,193		1,080		1,090		2,273		2,177
Interest expense
	Deposits		20		14		16		34		37
	Federal funds purchased and securities sold under repurchase agreements		6		—		—		6		—
	Bank notes and other short-term borrowings		9		3		3		12		4
	Long-term debt		61		49		54		110		114
		Total interest expense	96		66		73		162		155
Net interest income			1,097		1,014		1,017		2,111		2,022
Provision for credit losses			45		83		(222)		128		(315)
Net interest income after provision for credit losses			1,052		931		1,239		1,983		2,337
Noninterest income
	Trust and investment services income		137		136		133		273		266
	Investment banking and debt placement fees		149		163		217		312		379
	Service charges on deposit accounts		96		91		83		187		156
	Operating lease income and other leasing gains		28		32		36		60		74
	Corporate services income		88		90		55		178		119
	Cards and payments income		85		80		113		165		218
	Corporate-owned life insurance income		35		31		30		66		61
	Consumer mortgage income		14		21		26		35		73
	Commercial mortgage servicing fees		45		36		44		81		78
	Other income		11		(4)		13		7		64
		Total noninterest income	688		676		750		1,364		1,488
Noninterest expense
	Personnel		607		630		623		1,237		1,247
	Net occupancy		78		73		75		151		151
	Computer processing		78		77		71		155		144
	Business services and professional fees		52		53		51		105		101
	Equipment		26		23		25		49		50
	Operating lease expense		27		28		31		55		65
	Marketing		34		28		31		62		57
	Other expense		176		158		169		334		332
		Total noninterest expense	1,078		1,070		1,076		2,148		2,147
Income (loss) from continuing operations before income taxes			662		537		913		1,199		1,678
	Income taxes		132		90		189		222		336
Income (loss) from continuing operations			530		447		724		977		1,342
	Income (loss) from discontinued operations, net of taxes		3		1		5		4		9
Net income (loss)			533		448		729		981		1,351
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	533	$	448	$	729	$	981	1,351
Income (loss) from continuing operations attributable to Key common shareholders			$	504	$	420	$	698	$	924	$	1,289
Net income (loss) attributable to Key common shareholders			507		421		703		928		1,298
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.54	$	.45	$	.73	$	1.00	$	1.34
Income (loss) from discontinued operations, net of taxes			—		—		—		—		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.46		.73		1.00		1.35
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.54	$	.45	$	.72	$	.99	$	1.33
Income (loss) from discontinued operations, net of taxes			—		—		—		—		.01
Net income (loss) attributable to Key common shareholders (a)			.54		.45		.73		1.00		1.34
Cash dividends declared per common share			$	.195	$	.195	$	.185	$	.390	$	.370
Weighted-average common shares outstanding (000)			924,302		922,941		957,423		923,717		961,292
	Effect of common share options and other stock awards		7,506		10,692		9,740		9,087		9,514
Weighted-average common shares and potential common shares outstanding (000) (b)			931,808		933,634		967,163		932,805		970,806

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards, as applicable.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 18

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Second Quarter 2022						First Quarter 2022						Second Quarter 2021
		Average				Yield/		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	53,858	$	449	3.34	%	$	51,574	$	410	3.22	%	$	51,808	$	450	3.48	%
	Real estate — commercial mortgage	15,231		136		3.58		14,587		121		3.37		12,825		117		3.67
	Real estate — construction	2,125		20		3.81		2,027		17		3.37		2,149		20		3.68
	Commercial lease financing	3,817		24		2.47		3,942		24		2.41		4,060		30		2.98
	Total commercial loans	75,031		629		3.36		72,130		572		3.21		70,842		617		3.49
	Real estate — residential mortgage	18,383		131		2.85		16,309		112		2.75		11,055		81		2.92
	Home equity loans	8,208		78		3.83		8,345		74		3.61		9,089		85		3.76
	Consumer direct loans	6,514		68		4.19		5,954		61		4.16		4,910		57		4.69
	Credit cards	943		24		10.20		932		24		10.36		908		22		9.79
	Consumer indirect loans	59		—		—		92		—		—		4,010		32		3.19
	Total consumer loans	34,107		301		3.53		31,632		271		3.45		29,972		277		3.71
	Total loans	109,138		930		3.41		103,762		843		3.28		100,814		894		3.56
	Loans held for sale	1,107		10		3.49		1,485		12		3.32		1,616		11		2.60
	Securities available for sale (b), (e)	43,023		188		1.60		44,923		173		1.50		33,623		133		1.57
	Held-to-maturity securities (b)	7,291		48		2.65		7,188		46		2.54		6,452		45		2.75
	Trading account assets	854		7		3.45		842		6		2.74		837		5		2.56
	Short-term investments	3,591		13		1.45		7,323		4		.25		18,817		6		.13
	Other investments (e)	800		4		2.27		651		2		1.26		622		2		1.02
	Total earning assets	165,804		1,200		2.83		166,174		1,086		2.62		162,781		1,096		2.70
	Allowance for loan and lease losses	(1,103)						(1,056)						(1,442)
	Accrued income and other assets	18,826						17,471						16,531
	Discontinued assets	505						539						650
	Total assets	$	184,032					$	183,128					$	178,520
Liabilities
	NOW and money market deposit accounts	$	85,389	$	18	.08		$	88,515	$	11	.05		$	83,981	$	9	.05
	Savings deposits	7,891		—		.01		7,599		—		.01		6,859		1		.03
	Certificates of deposit ($100,000 or more)	1,487		1		.44		1,639		2		.44		2,212		4		.72
	Other time deposits	1,972		1		.13		2,098		1		.15		2,630		2		.38
	Total interest-bearing deposits	96,739		20		.08		99,851		14		.06		95,682		16		.07
	Federal funds purchased and securities sold under repurchase agreements	2,792		6		.88		287		—		.13		251		—		.02
	Bank notes and other short-term borrowings	1,943		9		1.77		705		3		1.94		744		3		1.19
	Long-term debt (f), (g)	12,662		61		1.92		10,830		49		1.79		11,978		54		1.79
	Total interest-bearing liabilities	114,136		96		.34		111,673		66		.24		108,655		73		.27
	Noninterest-bearing deposits	50,732						50,312						48,640
	Accrued expense and other liabilities	4,261						3,824						2,716
	Discontinued liabilities (g)	505						539						650
	Total liabilities	$	169,634					$	166,348					$	160,661
Equity
	Key shareholders’ equity	$	14,398					$	16,780					$	17,859
	Noncontrolling interests	—						—						—
	Total equity	14,398						16,780						17,859
	Total liabilities and equity	$	184,032					$	183,128					$	178,520
Interest rate spread (TE)						2.50	%					2.38	%					2.43	%
Net interest income (TE) and net interest margin (TE)				$	1,104	2.61	%			$	1,020	2.46	%			$	1,023	2.52	%
TE adjustment (b)				7						6						6
	Net interest income, GAAP basis			$	1,097					$	1,014					$	1,017

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $153 million, $141 million, and $132 million of assets from commercial credit cards for the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Six months ended June 30, 2022						Six months ended June 30, 2021
		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	52,723	$	858	3.28	%	$	52,194	$	902	3.49	%
	Real estate — commercial mortgage	14,910		257		3.48		12,742		232		3.67
	Real estate — construction	2,076		37		3.60		2,099		39		3.71
	Commercial lease financing	3,879		48		2.44		4,101		61		2.99
	Total commercial loans	73,588		1,200		3.28		71,136		1,234		3.49
	Real estate — residential mortgage	17,352		243		2.80		10,380		154		2.97
	Home equity loans	8,276		153		3.72		9,189		173		3.79
	Consumer direct loans	6,236		129		4.18		4,864		113		4.70
	Credit cards	938		48		10.28		920		46		10.12
	Consumer indirect loans	75		—		—		4,288		69		3.25
	Total consumer loans	32,877		573		3.49		29,641		555		3.77
	Total loans	106,465		1,773		3.35		100,777		1,789		3.58
	Loans held for sale	1,295		22		3.40		1,574		22		2.74
	Securities available for sale (b), (e)	43,968		361		1.55		31,841		263		1.66
	Held-to-maturity securities (b)	7,239		94		2.59		6,818		90		2.63
	Trading account assets	848		13		3.10		842		10		2.35
	Short-term investments	5,447		17		.65		17,670		11		.13
	Other investments (e)	726		6		1.82		618		4		1.21
	Total earning assets	165,988		2,286		2.72		160,140		2,189		2.75
	Allowance for loan and lease losses	(1,080)						(1,532)
	Accrued income and other assets	18,152						16,463
	Discontinued assets	522						668
	Total assets	$	183,582					$	175,739
Liabilities
	NOW and money market deposit accounts	$	86,943	$	29	.07		$	82,717	$	20	.05
	Savings deposits	7,746		1		.01		6,533		1		.03
	Certificates of deposit ($100,000 or more)	1,562		3		.44		2,390		10		.85
	Other time deposits	2,035		1		.14		2,766		6		.48
	Total interest-bearing deposits	98,286		34		.07		94,406		37		.08
	Federal funds purchased and securities sold under repurchase agreements	1,547		6		.81		247		—		.03
	Bank notes and other short-term borrowings	1,327		12		1.82		811		4		.89
	Long-term debt (f), (g)	11,751		110		1.86		12,402		114		1.85
	Total interest-bearing liabilities	112,911		162		.29		107,866		155		.29
	Noninterest-bearing deposits	50,523						46,638
	Accrued expense and other liabilities	4,043						2,753
	Discontinued liabilities (g)	522						668
	Total liabilities	$	167,999					$	157,925
Equity
	Key shareholders’ equity	$	15,583					$	17,814
	Noncontrolling interests	—						—
	Total equity	15,583						17,814
	Total liabilities and equity	$	183,582					$	175,739
Interest rate spread (TE)						2.44	%					2.46	%
Net interest income (TE) and net interest margin (TE)				$	2,124	2.53	%			$	2,035	2.56	%
TE adjustment (b)				13						13
	Net interest income, GAAP basis			$	2,111					$	2,022

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the six months ended June 30, 2022, and June 30, 2021, respectively.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $147 million and $129 million of assets from commercial credit cards for the six months ended June 30, 2022, and June 30, 2021, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 20

Noninterest Expense
(Dollars in millions)
	Three months ended						Six months ended
	6/30/2022		3/31/2022		6/30/2021		6/30/2022		6/30/2021
Personnel (a)	$	607	$	630	$	623	$	1,237	$	1,247
Net occupancy	78		73		75		151		151
Computer processing	78		77		71		155		144
Business services and professional fees	52		53		51		105		101
Equipment	26		23		25		49		50
Operating lease expense	27		28		31		55		65
Marketing	34		28		31		62		57
Other expense	176		158		169		334		332
Total noninterest expense	$	1,078	$	1,070	$	1,076	$	2,148	$	2,147
Average full-time equivalent employees (b)	17,414		17,110		17,003		17,262		17,046

(a)Additional detail provided in Personnel Expense table below.

(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.

Personnel Expense
(Dollars in millions)
	Three months ended						Six months ended
	6/30/2022		3/31/2022		6/30/2021		6/30/2022		6/30/2021
Salaries and contract labor	$	357	$	348	$	321	$	705	$	641
Incentive and stock-based compensation	163		183		210		346		406
Employee benefits	83		97		92		180		199
Severance	4		2		—		6		1
Total personnel expense	$	607	$	630	$	623	$	1,237	$	1,247

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 21

Loan Composition
(Dollars in millions)
							Change 6/30/2022 vs
	6/30/2022		3/31/2022		6/30/2021		3/31/2022		6/30/2021
Commercial and industrial (a)	$	55,245	$	52,815	$	50,672	4.6	%	9.0	%
Commercial real estate:
Commercial mortgage	15,636		15,124		12,965		3.4		20.6
Construction	2,144		2,065		2,132		3.8		.6
Total commercial real estate loans	17,780		17,189		15,097		3.4		17.8
Commercial lease financing (b)	3,956		3,916		4,061		1.0		(2.6)
Total commercial loans	76,981		73,920		69,830		4.1		10.2
Residential — prime loans:
Real estate — residential mortgage	19,588		17,181		12,131		14.0		61.5
Home equity loans	8,134		8,258		9,047		(1.5)		(10.1)
Total residential — prime loans	27,722		25,439		21,178		9.0		30.9
Consumer direct loans	6,665		6,249		5,049		6.7		32.0
Credit cards	967		930		923		4.0		4.8
Consumer indirect loans	55		62		3,750		(11.3)		(98.5)
Total consumer loans	35,409		32,680		30,900		8.4		14.6
Total loans (c), (d)	$	112,390	$	106,600	$	100,730	5.4	%	11.6	%

(a)Loan balances include $161 million, $147 million, and $135 million of commercial credit card balances at June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $12 million, $14 million, and $19 million at June 30, 2022, March 31, 2022, and June 30, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $498 million at June 30, 2022, $531 million at March 31, 2022, and $636 million at June 30, 2021, related to the discontinued operations of the education lending business.

(d)Accrued interest of $233 million, $193 million, and $225 million at June 30, 2022, March 31, 2022, and June 30, 2021, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

Loans Held for Sale Composition
(Dollars in millions)
							Change 6/30/2022 vs
	6/30/2022		3/31/2022		6/30/2021		3/31/2022		6/30/2021
Commercial and industrial	$	213	$	216	$	233	(1.4)	%	(8.6)	%
Real estate — commercial mortgage	1,004		819		1,073		22.6		(6.4)
Real estate — construction	6		21		—		(71.4)	%	N/M
Real estate — residential mortgage	83		114		231		(27.2)		(64.1)
Total loans held for sale	$	1,306	$	1,170	$	1,537	11.6	%	(15.0)	%

N/M = Not Meaningful

Summary of Changes in Loans Held for Sale
(Dollars in millions)
	2Q22		1Q22		4Q21		3Q21		2Q21
Balance at beginning of period	$	1,170	$	2,729	$	1,805	$	1,537	$	2,296
New originations	2,837		2,724		5,704		3,328		3,573
Transfers from (to) held to maturity, net	(57)		—		(1)		3,305		(71)
Loan sales	(2,506)		(4,269)		(4,742)		(6,405)		(4,195)
Loan draws (payments), net	(133)		(12)		(12)		8		(27)
Valuation and other adjustments	(5)		(2)		(25)		32		(39)
Balance at end of period	$	1,306	$	1,170	$	2,729	$	1,805	$	1,537

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 22

Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
	Three months ended									Six months ended
	6/30/2022			3/31/2022			6/30/2021			6/30/2022			6/30/2021
Average loans outstanding	$	109,138		$	103,762		$	100,814		$	106,465		$	100,777
Allowance for loan and lease losses at the beginning of the period	1,105			1,061			1,438			1,061			1,626
Loans charged off:
Commercial and industrial	39			30			41			69			114
Real estate — commercial mortgage	3			4			4			7			39
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	3			4			4			7			39
Commercial lease financing	—			2			—			2			4
Total commercial loans	42			36			45			78			157
Real estate — residential mortgage	(2)			(1)			1			(3)			1
Home equity loans	—			1			4			1			6
Consumer direct loans	10			7			7			17			15
Credit cards	8			7			9			15			15
Consumer indirect loans	1			1			5			2			12
Total consumer loans	17			15			26			32			49
Total loans charged off	59			51			71			110			206
Recoveries:
Commercial and industrial	8			11			32			19			40
Real estate — commercial mortgage	1			1			6			2			7
Real estate — construction	1			—			—			1			—
Total commercial real estate loans	2			1			6			3			7
Commercial lease financing	1			—			—			1			1
Total commercial loans	11			12			38			23			48
Real estate — residential mortgage	1			—			—			1			1
Home equity loans	1			1			1			2			2
Consumer direct loans	1			2			2			3			4
Credit cards	1			2			3			3			5
Consumer indirect loans	—			1			5			1			10
Total consumer loans	4			6			11			10			22
Total recoveries	15			18			49			33			70
Net loan charge-offs	(44)			(33)			(22)			(77)			(136)
Provision (credit) for loan and lease losses	38			77			(196)			115			(270)
Allowance for loan and lease losses at end of period	$	1,099		$	1,105		$	1,220		$	1,099		$	1,220
Liability for credit losses on lending-related commitments at beginning of period	166			160			178			160			197
Provision (credit) for losses on lending-related commitments	7			6			(26)			13			(45)
Liability for credit losses on lending-related commitments at end of period (a)	$	173		$	166		$	152		$	173		$	152
Total allowance for credit losses at end of period	$	1,272		$	1,271		$	1,372		$	1,272		$	1,372
Net loan charge-offs to average total loans	.16		%	.13		%	.09		%	.15		%	.27		%
Allowance for loan and lease losses to period-end loans	.98			1.04			1.21			.98			1.21
Allowance for credit losses to period-end loans	1.13			1.19			1.36			1.13			1.36
Allowance for loan and lease losses to nonperforming loans	256.2			251.7			175.8			256.2			175.8
Allowance for credit losses to nonperforming loans	296.5			289.5			197.7			296.5			197.7
Discontinued operations — education lending business:
Loans charged off	$	1		2			$	1		$	3		$	2
Recoveries	1			—			—			1			1
Net loan charge-offs	$	—		$	(2)		$	(1)		$	(2)		$	(1)

(a)Included in "Accrued expense and other liabilities" on the balance sheet.

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 23

Asset Quality Statistics From Continuing Operations
(Dollars in millions)
	2Q22			1Q22			4Q21			3Q21			2Q21
Net loan charge-offs	$	44		$	33		$	19		$	29		$	22
Net loan charge-offs to average total loans	.16		%	.13		%	.08		%	.11		%	.09		%
Allowance for loan and lease losses	$	1,099		$	1,105		$	1,061		$	1,084		$	1,220
Allowance for credit losses (a)	1,272			1,271			1,221			1,236			1,372
Allowance for loan and lease losses to period-end loans	.98		%	1.04		%	1.04		%	1.10		%	1.21		%
Allowance for credit losses to period-end loans	1.13			1.19			1.20			1.25			1.36
Allowance for loan and lease losses to nonperforming loans	256.2			251.7			233.7			195.7			175.8
Allowance for credit losses to nonperforming loans	296.5			289.5			268.9			223.1			197.7
Nonperforming loans at period end	$	429		$	439		$	454		$	554		$	694
Nonperforming assets at period end	463			467			489			599			738
Nonperforming loans to period-end portfolio loans	.38		%	.41		%	.45		%	.56		%	.69		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.41			.44			.48			.61			.73

(a)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.

Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(Dollars in millions)
	6/30/2022			3/31/2022			12/31/2021			9/30/2021			6/30/2021
Commercial and industrial	$	197		$	186		$	191		$	253		$	355
Real estate — commercial mortgage	35			40			44			49			66
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	35			40			44			49			66
Commercial lease financing	2			3			4			5			7
Total commercial loans	234			229			239			307			428
Real estate — residential mortgage	67			73			72			93			99
Home equity loans	120			129			135			146			146
Consumer direct loans	3			4			4			4			4
Credit cards	3			3			3			3			3
Consumer indirect loans	2			1			1			1			14
Total consumer loans	195			210			215			247			266
Total nonperforming loans	429			439			454			554			694
OREO	9			8			8			8			9
Nonperforming loans held for sale	25			20			24			35			32
Other nonperforming assets	—			—			3			2			3
Total nonperforming assets	$	463		$	467		$	489		$	599		$	738
Accruing loans past due 90 days or more	41			55			68			82			74
Accruing loans past due 30 through 89 days	137			122			165			164			190
Restructured loans — accruing and nonaccruing (a)	216			219			220			270			334
Restructured loans included in nonperforming loans (a)	94			98			99			146			177
Nonperforming assets from discontinued operations — education lending business	3			4			4			4			5
Nonperforming loans to period-end portfolio loans	.38		%	.41		%	.45		%	.56		%	.69		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.41			.44			.48			.61			.73

(a)Restructured loans (i.e., troubled debt restructuring) are those for which Key, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. These concessions are made to improve the collectability of the loan and generally take the form of a reduction of the interest rate, extension of the maturity date or reduction in the principal balance.

Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
	2Q22		1Q22		4Q21		3Q21		2Q21
Balance at beginning of period	$	439	$	454	$	554	$	694	$	728
Loans placed on nonaccrual status	118		87		116		116		186
Charge-offs	(59)		(50)		(51)		(66)		(74)
Loans sold	(8)		—		(38)		(17)		(10)
Payments	(35)		(27)		(68)		(136)		(92)
Transfers to OREO	(2)		(1)		(1)		(1)		—
Loans returned to accrual status	(24)		(24)		(58)		(36)		(44)
Balance at end of period	$	429	$	439	$	454	$	554	$	694

KeyCorp Reports Second Quarter 2022 Profit     

July 21, 2022

Page 24

Line of Business Results
(Dollars in millions)
																Change 2Q22 vs.
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21
Consumer Bank
Summary of operations
Total revenue (TE)	$	824		$	799		$	839		$	870		$	852		3.1	%	(3.3)	%
Provision for credit losses	8			43			14			(38)			(70)			(81.4)		111.4
Noninterest expense	676			663			613			591			584			2.0		15.8
Net income (loss) attributable to Key	107			70			161			241			257			52.9		(58.4)
Average loans and leases	40,818			38,637			37,792			39,796			40,598			5.6		.5
Average deposits	91,256			91,468			90,271			89,156			88,412			(.2)		3.2
Net loan charge-offs	23			22			22			35			34			4.5		(32.4)
Net loan charge-offs to average total loans	.23		%	.23		%	.23		%	.35		%	.34		%	—		(32.4)
Nonperforming assets at period end	$	203		$	217		$	222		$	254		$	274		(6.5)		(25.9)
Return on average allocated equity	11.66		%	7.91		%	18.05		%	25.81		%	28.53		%	47.4		(59.1)
Commercial Bank
Summary of operations
Total revenue (TE)	$	844		$	810		$	1,028		$	886		$	871		4.2	%	(3.1)	%
Provision for credit losses	37			41			(12)			(69)			(131)			(9.8)		128.2
Noninterest expense	414			417			501			470			451			(.7)		(8.2)
Net income (loss) attributable to Key	315			283			449			381			432			11.3		(27.1)
Average loans and leases	67,834			64,701			61,127			59,914			59,953			4.8		13.1
Average loans held for sale	1,016			1,323			1,962			1,190			1,341			(23.2)		(24.2)
Average deposits	54,864			57,289			59,537			56,522			54,814			(4.2)		.1
Net loan charge-offs	21			11			—			(6)			9			90.9		133.3
Net loan charge-offs to average total loans	.12		%	.07		%	—		%	(.04)		%	.06		%	71.4		100.0
Nonperforming assets at period end	$	260		$	250		$	267		$	345		$	464		4.0		(44.0)
Return on average allocated equity	14.16		%	13.21		%	21.54		%	18.54		%	20.69		%	7.2		(31.6)

TE = Taxable Equivalent

EX-99.2

KeyCorp Second Quarter 2022 Earnings Review July 21, 2022 Don Kimble Vice Chairman and Chief Financial Officer Chris Gorman Chairman and Chief Executive Officer

Forward-looking Statements and Additional Information This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control.) Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2021, and in other filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to “tangible common equity,” “cash efficiency ratio,” and “pre-provision net revenue.” Although Key has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation, or page 42 of our Form 10-Q dated March 31, 2022. GAAP: Generally Accepted Accounting Principles 2

2Q22 Results 3 ▪ Revenue up +6% QoQ: driven by growth in net interest income, reflecting strong loan growth and positioning for higher interest rates ▪ Strong loan growth: adding and deepening client relationships across franchise with momentum in both consumer and commercial ▪ Noninterest income: continues to reflect slowdown in capital markets with more client activity moving on balance sheet ▪ Disciplined expense management: expense levels reflect variable cost structure of business as well as investments for future growth ▪ Strong credit quality: net charge-offs to average loans of 16 bps; lower NPL and criticized loans ▪ Committed to serving and supporting our clients through all market conditions ▪ Expanded Laurel Road: extended offering for healthcare professionals, including nurses ▪ Acquired GradFin: leading loan counselor for healthcare professionals ▪ Expanded embedded banking platform: new payments facilitation capabilities ▪ Expanded climate commitments: ✓ Joined PCAF(2) ✓ Investing $38Bn in Sustainable Finance initiatives ✓ Carbon neutral scope 1 & 2 emissions by 2030 Financial Results Strategic Highlights PPNR = Pre-provision net revenue (1) Non-GAAP measure: see appendix for reconciliation; (2) Partnership for Carbon Accounting Financials 14% Increase in PPNR(1) vs. PQ 20.9% Return on average tangible common equity(1) Positive Operating Leverage vs. PY & PQ $.54 Earnings per diluted common share

Financial Review

EOP = End of Period; (1) Non-GAAP measure: see appendix for reconciliation; (2) 6/30/2022 ratios are estimated and reflect Key's election to adopt the CECL optional transition provision Financial Highlights 5 EPS – assuming dilution $ .54 $ .45 $ .72 20 % (25) % Cash efficiency ratio(1) 59.5 % 62.4 % 59.9 % (290) bps (40) bps Return on average tangible common equity(1) 20.9 14.1 21.3 680 (40) Return on average total assets 1.16 .99 1.63 17 (47) Net interest margin 2.61 2.46 2.52 15 9 Common Equity Tier 1(2) 9.2 % 9.4 % 9.9 % (20) bps (70) bps Tier 1 risk-based capital(2) 10.4 10.7 11.3 (30) (90) Tangible common equity to tangible assets(1) 5.3 6.0 7.4 (70) (210) NCOs to average loans .16 % .13 % .09 % 3 bps 7 bps NPLs to EOP portfolio loans .38 .41 .69 (3) (31) Allowance for credit losses to EOP loans 1.13 1.19 1.36 (6) (23) Profitability Capital Asset Quality 2Q22 1Q22 2Q21 LQ Δ Y/Y Δ Continuing operations, unless otherwise noted

Total Average Loans 2Q21 1Q22 2Q22 Consumer loans Highlights Average Loan Detail 6 $7.5 $.7 27% 32% 20.00% 30.00% 40.00% $60 $70 $80 $90 $100 $110 2Q21 3Q21 4Q21 1Q22 2Q22 C&I line utilization Total average loans PPP $ in billions 2Q21 1Q22 2Q22 Commercial loans PPP PPP ▪ Average loans up 8% from 2Q21; up 21%(1) excl. PPP + indirect auto sale − Broad-based commercial growth and an increase in utilization, partially offset by a decline in PPP balances − Strength in consumer mortgage and Laurel Road, partially offset by the sale of Key’s indirect auto portfolio in 3Q21 ▪ Average loans up 5% from 1Q22; up 6%(1) excl. PPP − Broad-based commercial growth with an increase in utilization − Solid quarter for consumer mortgage ($3.2Bn originations) and Laurel Road ($445MM originations) $1.2 ▪ $.7Bn of average PPP loans in 2Q22 ▪ $.5Bn of PPP forgiveness in 2Q22 Loans Commercial Loans Consumer Loans $ in billions $7.5 $101 $109 $71 $72 $75 $.7 $30 $32 $34 (1) Loan variances exclude indirect auto balances of $3.9Bn in 2Q21 and PPP balances of $7.5Bn, $1.2Bn, and $0.7Bn in 2Q21, 1Q22, and 2Q22, respectively vs. Prior Year vs. Prior Quarter

(1) Based on period-end balances; (2) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits Deposits 7 $ in billions vs. Prior Quarter ▪ Average deposit balances down 2% from 1Q22 − Seasonal commercial outflows − Lower public sector deposits related to stimulus funds .05% .06% .07% .08% $0 $30 $60 $90 $120 $150 2Q21 3Q21 4Q21 1Q22 2Q22 Cost of total interest- bearing deposits Cost of total deposits Consumer Commercial x CDs and other time deposits Savings Noninterest-bearing NOW and MMDA ▪ Average deposits up 2% from 2Q21 − Growth from consumer and commercial relationships − Partially offset by decline in time deposits ▪ Strong and stable deposit base − 35% noninterest-bearing(1) − ~60% stable retail and low-cost escrow − 78% loan to deposit ratio(2) ▪ Cumulative total interest-bearing deposit beta: 3.6% $144 $ in billions 2Q22 Average Deposit Mix Average Deposits Highlights $85.4 $50.7 $3.5$7.9 $147 vs. Prior Year

Net Interest Income and Margin $ in millions, continuing operations vs. Prior Quarter TE = Taxable equivalent 2.52% 2.61% 2.0% 2.5% 3.0% 3.5% 4.0% $600 $700 $800 $900 $1,000 $1,100 $1,200 2Q21 3Q21 4Q21 1Q22 2Q22 Net Interest Income (TE) Net Interest Margin (TE)x NIM Change vs. Prior Quarter 1Q22: 2.46% Earning asset yields and balance sheet mix .18 Interest-bearing deposit costs (.02) Paycheck Protection Program (PPP) (.01) Total change .15 2Q22: 2.61% ▪ Net interest income up $81MM (+8%) from 2Q21 − Reflects higher interest rates, higher earning asset balances and favorable balance sheet mix − Partially offset by the exit of the indirect auto loan portfolio (3Q21) and lower PPP loan fees ▪ Net interest income up $84MM (+8%) from 1Q22 − Reflects higher interest rates, higher earning asset balances and favorable balance sheet mix − Benefit from one additional day in the quarter Net Interest Income & Net Interest Margin Trend (TE) Highlights 8 vs. Prior Year $1,023 $1,104

Noninterest Income 9 ▪ Noninterest income down $62MM (-8%) from 2Q21 − Lower investment banking and debt placement fees (-$68MM) reflecting slowdown in capital markets activity − Lower cards and payments income (-$28MM) largely driven by lower prepaid card revenue, partially offset by core growth − Lower consumer mortgage income (-$12MM) driven by higher balance sheet retention and lower gain on sale margins − Strength in corporate services (+$33MM) from higher derivatives income vs. Prior Quarter ▪ Noninterest income up $12MM (+2%) from 1Q22 − Higher other income (+15MM) driven by market-related adjustments in the prior quarter − Higher commercial mortgage servicing (+9MM) driven by higher special servicing fees − Lower investment banking and debt placement fees (-$14MM) driven by continued slowdown in capital markets activity vs. Prior Year $ in millions up / (down) 2Q22 vs. 2Q21 vs. 1Q22 Trust and investment services income $ 137 $ 4 $ 1 Investment banking and debt placement fees 149 (68) (14) Service charges on deposit accounts 96 13 5 Operating lease income and other leasing gains 28 (8) (4) Corporate services income 88 33 (2) Cards and payments income 85 (28) 5 Corporate-owned life insurance 35 5 4 Consumer mortgage income 14 (12) (7) Commercial mortgage servicing fees 45 1 9 Other income 11 (2) 15 Total noninterest income $ 688 $ (62) $ 12 Noninterest Income Highlights

Noninterest Expense 10 vs. Prior Quarter vs. Prior Year $ in millions favorable / (unfavorable) 2Q22 vs. 2Q21 vs. 1Q22 Personnel $ 607 $ 16 $ 23 Net occupancy 78 (3) (5) Computer processing 78 (7) (1) Business services, professional fees 52 (1) 1 Equipment 26 (1) (3) Operating lease expense 27 4 1 Marketing 34 (3) (6) Other expense 176 (7) (18) Total noninterest expense $ 1,078 $ (2) $ (8) ▪ Noninterest expense relatively stable (+$2MM) from 2Q21 − Higher nonpersonnel expense (+18MM) primarily driven by computer processing expense (+$7MM) and other expense (+$7MM) related to increased travel and entertainment − Lower personnel expense (-$16MM) from a decrease in incentive and stock-based compensation, partially offset by higher salaries ▪ Noninterest expense up $8MM (+1%) from 1Q22 − Higher nonpersonnel expense related to an increase in other expense (+$18MM) from increased travel and entertainment, as well as higher marketing and net occupancy expenses − Lower personnel expense (-$23MM) from lower incentive and stock-based compensation and employee benefits expense, partially offset by higher salaries Noninterest Expense Highlights

NCO = Net charge-off NPL = Nonperforming Loans Credit Quality 11 $694 $429 .69% .38% .00% .40% .80% 1.20% 1.60% 2.00% $0 $300 $600 $900 2Q21 3Q21 4Q21 1Q22 2Q22 NPLs NPLs to period-end loans $1,372 $1,272 198% 297% 100% 150% 200% 250% 300% 350% 400% $0 $500 $1,000 $1,500 $2,000 $2,500 2Q21 3Q21 4Q21 1Q22 2Q22 Allowance for credit losses to NPLsAllowance for credit losses 2Q22 allowance for credit losses to period-end loans of 1.13% Nonperforming Loans Allowance for Credit Losses (ACL) $ in millions $ in millions $22 $44 ($222) $45 .09% .16% (1.00)% (.50)% .00% .50% ($250) ($150) ($50) $50 $150 2Q21 3Q21 4Q21 1Q22 2Q22 NCOs Provision for credit losses NCOs to avg. loans Net Charge-offs & Provision for Credit Losses $ in millions

(1) 6/30/22 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision; (2) Non-GAAP measure: see Appendix for reconciliation Capital 12 ▪ Strong capital position: CET1 ratio 9.2%(1) at 6/30/2022 − Within targeted range of 9.0% - 9.5% ▪ Declared quarterly common share dividend of $.195 9.9% 9.2% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 2Q21 3Q21 4Q21 1Q22 2Q22 7.4% 5.3% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2Q21 3Q21 4Q21 1Q22 2Q22 Tangible Common Equity to Tangible Assets(2) Common Equity Tier 1(1) Highlights Capital Priorities Organic Growth Dividends Share Repurchases 21 3

Full Year 2022 Outlook Long-term Targets Positive operating leverage Moderate risk profile: Net charge-offs to avg. loans targeted range of 40-60 bps ROTCE: 16% - 19% Cash efficiency ratio: 54% - 56% Full Year 2022 (vs. Full Year 2021) 13 Average Balance Sheet • Loans: up 4% - 6% • Deposits: up 1% - 3% • Loans: up 9% - 11% • Deposits: up 1% - 3% Net Interest Income (TE) • Net interest income: up 6% - 9% • Net interest income: up 10% - 12% Noninterest Income • Noninterest income: down 4% - 6% • Noninterest income: down 10% - 12% Noninterest Expense • Noninterest expense: down 1% - 3% • Noninterest expense: down 2% - 4% Credit Quality • Net charge-offs to average loans: 15 – 25 bps • Net charge-offs to average loans: 15 – 25 bps Taxes • GAAP tax rate: ~19% • GAAP tax rate: ~19% Prior Guidance (as of 4/21/22) Updated Guidance (as of 7/21/22)

Appendix

Commercial Loan Portfolio Detail vs. Prior Year ▪ Target specific client segments focused in seven industry verticals ▪ Experienced bankers with deep industry expertise ▪ Focused on high quality clients ▪ Credit quality metrics remain strong and stable − Disciplined, consistent underwriting − Active surveillance with ongoing portfolio reviews − Dynamic assessment of ratings migration ~80% commercial bank credit exposure from relationship(1) clients Targeted Industry Verticals Consumer Energy Industrial TechnologyHealthcare (1) Relationship client is defined as having two or more of the following: credit, capital markets, or payments ▪ Solid middle market portfolio ▪ Aligning bankers to areas of market opportunity and growth - investing in strategic hires with industry vertical expertise ▪ High-quality borrowers ▪ Small, stable leveraged portfolio: ~2% of total loans ▪ Strengthened credit risk profile with strategic exits and growth in targeted client segments to focus on relationships ▪ Significantly scaled back construction portfolio from pre-global financial crisis (42% in 2008  14% in 2021) ▪ Focused on relationships with owners and operators ▪ Strategic focus in CDLI and multifamily Real Estate Public Sector Total Commercial Loans Commercial & Industrial (C&I) Commercial Real Estate (CRE) 15 $ in billions 6/30/22 % of total loans Commercial and industrial $ 55.2 49% Commercial real estate 17.8 16 Commercial lease financing 4.0 4 Total Commercial $ 77.0 69%

Consumer Loan Portfolio Detail Portfolio Highlights ▪ Prime & super prime client base focused on relationships ▪ Continued consumer originations bring more balance to portfolio ▪ Continuing to invest in digital to drive future growth 772 weighted average FICO at origination $399 $504 $646 $820 $445 2Q21 3Q21 4Q21 1Q22 2Q22 Origination Volume$ in millions $ in billions $3.7 $3.7 $3.4 $2.6 $3.2 2Q21 3Q21 4Q21 1Q22 2Q22 Origination Volume Note: Table may not foot due to rounding (1) Indirect auto portfolio was sold on 9/10/21 ▪ High-quality client base: primarily healthcare professionals ▪ Expands Key’s digital reach and consumer franchise nationally through targeted scale (doctor/dentist clients in all 50 states) ▪ Launched Laurel Road for Doctors in 1Q21 and expanded platform to nurses in 2Q22 ▪ Production levels continue to be impacted by the federal student loan payment holiday ▪ Focused on prime/super-prime clients (weighted average FICO at origination: 762) ▪ Investing in digital capabilities to enhance client experience and improve efficiency ▪ Continued momentum with loan originations of $3.2Bn in 2Q22 and $13.8Bn in FY21 Total Consumer Loans Laurel Road Consumer Mortgage 16 $ in billions 6/30/22 % of total loans WA FICO at origination Consumer mortgage $ 19.6 17% 762 Home equity 8.1 7 809 Consumer direct 6.7 6 774 Credit card 1.0 1 791 Consumer indirect(1) 0.6 N/A N/A Total Consumer $ 35.4 31% 772

$3.4 $6.3 $15.0 $0.0 $5.0 $10.0 $15.0 $20.0 2022 2023 2024 17 $ in billions 1.77% 1.75% 1.00% 1.50% 2.00% 2.50% 3.00% $0.0 $20.0 $40.0 $60.0 2Q21 3Q21 4Q21 1Q22 2Q22 Average AFS securities Average yield(1)Average HTM securities Projected Cash Flows & Maturities (under implied forward rates) Floating Rate (including hedges) ▪ Portfolio used for funding and liquidity management ‒ Portfolio composed primarily of fixed-rate GNMA and GSE-backed MBS and CMOs ‒ Portfolio yield excluding short-term Treasury/Agency: 2.0% ▪ Average balances reflects redeployment of cash into higher yielding securities ▪ ~50% ($1.7Bn) of 2Q22 reinvestment designated as held-to-maturity ▪ New investment opportunities at higher yields than runoff ‒ Current purchases ~4.0% compared to ~2.0% runoff ▪ Portfolio constructed to enhance current returns on excess liquidity, while preserving the opportunity to capitalize on higher interest rates in the future ‒ Recent Agency MBS/CMO investments constructed to limit extension risk and provide continued cash flows as rates rise (~$1.7Bn per quarter in the near-term) ‒ Short-term Treasury/Agency portfolio consists of a laddered maturity profile with runoff beginning in 2023 ▪ $5.9Bn securities hedges terminated in 1Q22 & 2Q22 to lock in gains, $.4Bn of hedges remained to end the quarter ‒ +$426MM gain on terminated hedges to benefit securities yields over the remaining life of the mortgage securities ▪ Available for sale portfolio duration of 5.8 years at 6/30/2022 (duration including securities hedges) Average Total Investment Securities $ in billions Existing Portfolio Repricing Characteristics Highlights (1) Yield is calculated on the basis of amortized cost; (2) 2022 cash flows represent 3Q22-4Q22 and do not include 2Q22 results $50.3 $40.1 Investment Portfolio (2)

Balanced approach to managing interest rate risk provides declining rate protection while maintaining upside to higher rates (1) Loan and deposit statistics based on 6/30/2022 ending balances Loan Composition Deposit Mix Prime 9% 1M LIBOR 25% 3M LIBOR 5% Other 11% SOFR 18% Fixed 32% Interest-bearing 66% Noninterest- bearing 34% 2 Q 2 2 A/LM Swaps Debt Swaps $ 23.1Bn $ 8.9Bn $ 4.6Bn A/LM Fwd Swaps ▪ Given macroeconomic and geopolitical uncertainty, the position exhibits a more neutral exposure to rate changes − Lower rates exposure evolving as overall market and deposit rates move higher − Mindful towards increased levels of current and expected volatility ▪ Opportunistically reinvesting to monetize higher term rates ‒ Modest modeled year one net interest income benefit to a ramped 200 bps rise in rates with conservative low 30’s deposit beta assumption ‒ Incremental ~1.1% NII benefit for each 5% reduction in beta ‒ ~$10Bn in short-term treasuries ▪ Total hedge portfolio of $36.6Bn at 6/30/2022 ▪ Attractive business model with relationship-oriented lending franchise − Distinctive commercial capabilities drive C&I growth and ~70% floating-rate loan mix (incl. PPP) − Laurel Road and consumer mortgage enhance fixed rate loan volumes with attractive client profile ▪ Strong, low-cost deposit base − ~60% stable retail and low-cost escrow − >85% from markets where Key maintains top-5 deposit or branch share ▪ $50Bn investment portfolio structured to provide greater yield stability in a lower rate environment − Higher allocation of bullet-like securities and mortgage collateral with lower prepayment risks and limited exposure to unamortized premiums ▪ Continually evaluating opportunities to protect and enhance NII through new hedging and/or modifying existing positions 2Q22 Balance Sheet Highlights(1) Actively Managing Interest Rate Risk Position 18 Asset & Liability Management Positioning

Credit Quality Trends (1) Loan and lease outstandings; (2) From continuing operations 19 Delinquencies to Period-end Total Loans Criticized Outstandings(1) to Period-end Total Loans Continuing Operations Continuing Operations .19% .12% .07% .04% .00% .10% .20% .30% .40% .50% 2Q21 3Q21 4Q21 1Q22 2Q22 4.0% 2.3% .0% 2.0% 4.0% 6.0% 2Q21 3Q21 4Q21 1Q22 2Q22 30 – 89 days delinquent 90+ days delinquent Metric(2) 2Q22 1Q22 4Q21 3Q21 2Q21 Delinquencies to EOP total loans: 30-89 days .12 % .11 % .16 % .17 % .19 % Delinquencies to EOP total loans: 90+ days .04 .05 .07 .08 .07 NPLs to EOP portfolio loans .38 .41 .45 .56 .69 NPAs to EOP portfolio loans + OREO + Other NPAs .41 .44 .48 .61 .73 Allowance for credit losses to period-end loans 1.13 1.19 1.20 1.25 1.36 Allowance for credit losses to NPLs 296.5 289.5 268.9 223.1 197.7

Credit Quality by Portfolio 20 Period-end loans Average loans Net loan charge-offs Net loan charge- offs(3) / average loans (%) Nonperforming loans Ending allowance Allowance / period-end loans (%) Allowance / NPLs (%) 6/30/22 2Q22 2Q22 2Q22 6/30/22 6/30/22 6/30/22 6/30/22 Commercial and industrial(1) $ 55,245 $ 53,858 $ 31 .23% $ 197 $ 503 .91% 255.33% Commercial real estate: Commercial Mortgage 15,636 15,231 2 .05 35 156 1.00 445.71 Construction 2,144 2,125 (1) (.19) - 21 .98 N/M Commercial lease financing(2) 3,956 3,817 (1) (.11) 2 29 .73 N/M Real estate – residential mortgage 19,588 18,383 (3) (.07) 67 122 .62 182.09 Home equity 8,134 8,208 (1) (.05) 120 95 1.17 79.17 Consumer direct loans 6,665 6,514 9 .55 3 112 1.68 N/M Credit cards 967 943 7 2.98 3 59 6.10 N/M Consumer indirect loans 55 59 1 6.80 2 2 3.64 100.00 Continuing total $ 112,390 $ 109,138 $ 44 .16% $ 429 $ 1,099 .98% 256.18% Discontinued operations 498 510 - - 3 24 4.82 800.00 Consolidated total $ 112,888 $ 109,648 $ 44 .16% $ 432 $ 1,123 .99% 259.95% $ in millions (1) Loan balance include $161 million of commercial credit card balances at June 30, 2022; (2) Commercial lease financing includes receivables held as collateral for a secured borrowing of $12 million at June 30, 2022. Principal reductions are based on the cash payments received from these related receivables; (3) Net loan charge-off amounts are annualized in calculation Credit Quality

21 $ in millions (1) For the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, intangible assets exclude $2 million, $2 million, and $4 million, respectively, of period-end purchased credit card receivables; (2) Net of capital surplus; (3) For the three months ended June 30, 2022, March 31, 2022, and June 30, 2021, average intangible assets exclude $2 million, $3 million, and $4 million, respectively, of average purchased credit card receivables GAAP to Non-GAAP Reconciliation 6/30/2022 3/31/2022 6/30/2021 6/30/2022 6/30/2021 Tangible common equity to tangible assets at period end Key shareholders' equity (GAAP) 14,427$ 15,308$ 17,941$ Less: Intangible assets (1) 2,868 2,810 2,828 Preferred Stock (2) 1,856 1,856 1,856 Tangible common equity (non-GAAP) 9,703$ 10,642$ 13,257$ Total assets (GAAP) 187,008$ 181,221$ 181,115$ Less: Intangible assets (1) 2,868 2,810 2,828 Tangible assets (non-GAAP) 184,140$ 178,411$ 178,287$ Tangible common equity to tangible assets ratio (non-GAAP) 5.27% 5.96% 7.44% Pre-provision net revenue Net interest income (GAAP) 1,097$ 1,014$ 1,017$ 2,111$ 2,022$ Plus: Taxable-equivalent adjustment 7 6 6 13 13 Noninterest income 688 676 750 1,364 1,488 Less: Noninterest expense 1,078 1,070 1,076 2,148 2,147 Pre-provision net revenue from continuing operations (non-GAAP) 714$ 626$ 697$ 1,340$ 1,376$ Average tangible common equity Average Key shareholders' equity (GAAP) 14,398$ 16,780$ 17,859$ 15,583$ 17,814$ Less: Intangible assets (average) (3) 2,827 2,814 2,840 2,821 2,840 Preferred Stock (average) 1,900 1,900 1,900 1,900 1,900 Average tangible common equity (non-GAAP) 9,671$ 12,066$ 13,119$ 10,862$ 13,074$ Six Months EndedThree months ended

22 GAAP to Non-GAAP Reconciliation $ in millions 6/30/2022 3/31/2022 6/30/2021 6/30/2022 6/30/2021 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) 504$ 420$ 698$ 924$ 1,289$ Average tangible common equity (non-GAAP) 9,671 12,066 13,119 10,862 13,074 Return on average tangible common equity from continuing operations (non-GAAP) 20.90% 14.12% 21.34% 17.15% 19.88% Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) 507$ 421$ 703$ 928$ 1,298$ Average tangible common equity (non-GAAP) 9,671 12,066 13,119 10,862 13,074 Return on average tangible common equity consolidation (non-GAAP) 21.03% 14.15% 21.49% 17.23% 20.02% Cash efficiency ratio Noninterest expense (GAAP) 1,078$ 1,070$ 1,076$ 2,148$ 2,147$ Less: Intangible asset amortization 12 11 14 23 29 Adjusted noninterest expense (non-GAAP) 1,066$ 1,059$ 1,062$ 2,125$ 2,118$ Net interest income (GAAP) 1,097$ 1,014$ 1,017$ 2,111$ 2,022$ Plus: Taxable-equivalent adjustment 7 6 6 13 13 Noninterest income 688 676 750 1,364 1,488 Total taxable-equivalent revenue (non-GAAP) 1,792$ 1,696$ 1,773$ 3,488$ 3,523$ Cash eff iciency ratio (non-GAAP) 59.5% 62.4% 59.9% 60.9% 60.1% Three months ended Six Months Ended

EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
			6/30/2022		3/31/2022		6/30/2021
Assets
	Loans		$	112,390	$	106,600	$	100,730
	Loans held for sale		1,306		1,170		1,537
	Securities available for sale		42,437		43,681		34,638
	Held-to-maturity securities		8,186		6,871		6,175
	Trading account assets		809		848		851
	Short-term investments		2,456		3,881		20,460
	Other investments		969		722		635
		Total earning assets	168,553		163,773		165,026
	Allowance for loan and lease losses		(1,099)		(1,105)		(1,220)
	Cash and due from banks		678		684		792
	Premises and equipment		638		647		785
	Goodwill		2,752		2,694		2,673
	Other intangible assets		118		118		159
	Corporate-owned life insurance		4,343		4,340		4,304
	Accrued income and other assets		10,529		9,544		7,966
	Discontinued assets		496		526		630
		Total assets	$	187,008	$	181,221	$	181,115
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	83,628	$	86,829	$	85,242
		Savings deposits	7,934		7,840		6,993
		Certificates of deposit ($100,000 or more)	1,421		1,533		2,064
		Other time deposits	1,909		2,037		2,493
		Total interest-bearing deposits	94,892		98,239		96,792
		Noninterest-bearing deposits	50,973		50,424		49,280
		Total deposits	145,865		148,663		146,072
	Federal funds purchased and securities sold under repurchase agreements		3,234		599		211
	Bank notes and other short-term borrowings		2,809		2,222		723
	Accrued expense and other liabilities		4,056		3,615		2,957
	Long-term debt		16,617		10,814		13,211
		Total liabilities	172,581		165,913		163,174
Equity
	Preferred stock		1,900		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,241		6,214		6,232
	Retained earnings		15,118		14,793		13,689
	Treasury stock, at cost		(5,923)		(5,927)		(5,287)
	Accumulated other comprehensive income (loss)		(4,166)		(2,929)		150
		Key shareholders’ equity	14,427		15,308		17,941
	Noncontrolling interests		—		—		—
		Total equity	14,427		15,308		17,941
Total liabilities and equity			$	187,008	$	181,221	$	181,115
Common shares outstanding (000)			932,643		932,398		960,276

Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended						Six months ended
			6/30/2022		3/31/2022		6/30/2021		6/30/2022		6/30/2021
Interest income
	Loans		$	923	$	837	$	888	$	1,760	$	1,777
	Loans held for sale		10		12		11		22		22
	Securities available for sale		188		173		133		361		263
	Held-to-maturity securities		48		46		45		94		90
	Trading account assets		7		6		5		13		10
	Short-term investments		13		4		6		17		11
	Other investments		4		2		2		6		4
		Total interest income	1,193		1,080		1,090		2,273		2,177
Interest expense
	Deposits		20		14		16		34		37
	Federal funds purchased and securities sold under repurchase agreements		6		—		—		6		—
	Bank notes and other short-term borrowings		9		3		3		12		4
	Long-term debt		61		49		54		110		114
		Total interest expense	96		66		73		162		155
Net interest income			1,097		1,014		1,017		2,111		2,022
Provision for credit losses			45		83		(222)		128		(315)
Net interest income after provision for credit losses			1,052		931		1,239		1,983		2,337
Noninterest income
	Trust and investment services income		137		136		133		273		266
	Investment banking and debt placement fees		149		163		217		312		379
	Service charges on deposit accounts		96		91		83		187		156
	Operating lease income and other leasing gains		28		32		36		60		74
	Corporate services income		88		90		55		178		119
	Cards and payments income		85		80		113		165		218
	Corporate-owned life insurance income		35		31		30		66		61
	Consumer mortgage income		14		21		26		35		73
	Commercial mortgage servicing fees		45		36		44		81		78
	Other income		11		(4)		13		7		64
		Total noninterest income	688		676		750		1,364		1,488
Noninterest expense
	Personnel		607		630		623		1,237		1,247
	Net occupancy		78		73		75		151		151
	Computer processing		78		77		71		155		144
	Business services and professional fees		52		53		51		105		101
	Equipment		26		23		25		49		50
	Operating lease expense		27		28		31		55		65
	Marketing		34		28		31		62		57
	Intangible asset amortization		—		—		—		—		—
	Other expense		176		158		169		334		332
		Total noninterest expense	1,078		1,070		1,076		2,148		2,147
Income (loss) from continuing operations before income taxes			662		537		913		1,199		1,678
	Income taxes		132		90		189		222		336
Income (loss) from continuing operations			530		447		724		977		1,342
	Income (loss) from discontinued operations, net of taxes		3		1		5		4		9
Net income (loss)			533		448		729		981		1,351
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	533	$	448	$	729	$	981	$	1,351
Income (loss) from continuing operations attributable to Key common shareholders			$	504	$	420	$	698	$	924	$	1,289
Net income (loss) attributable to Key common shareholders			507		421		703		928		1,298
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.54	$	.45	$	.73	$	1	$	1.34
Income (loss) from discontinued operations, net of taxes			—		—		—		—		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.46		.73		1		1.35
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.54	$	.45	$	.72	$	.99	$	1.33
Income (loss) from discontinued operations, net of taxes			—		—		—		—		.01
Net income (loss) attributable to Key common shareholders (a)			.54		.45		$	.73	1.00		1.34
Cash dividends declared per common share			$	.195	$	.195	$	.185	$	.39	$	.37
Weighted-average common shares outstanding (000)			924,302		922,941		957,423		923,717		961,292
	Effect of common share options and other stock awards		7,506		10,692		9,740		9,087		9,514
Weighted-average common shares and potential common shares outstanding (000) (b)			931,808		933,634		967,163		932,805		970,806

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.

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Cover Page	Jul. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 20, 2022
Entity Registrant Name	KeyCorp
Entity Incorporation, State or Country Code	OH
Entity File Number	001-11302
Entity Tax Identification Number	34-6542451
Entity Address, Address Line One	127 Public Square,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44114-1306
City Area Code	216
Local Phone Number	689-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000091576
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, $1 par value
Trading Symbol	KEY
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)
Trading Symbol	KEY PrI
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)
Trading Symbol	KEY PrJ
Security Exchange Name	NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)
Trading Symbol	KEY PrK
Security Exchange Name	NYSE