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): October 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
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H)	KEY PrL	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 October 20, 2022, KeyCorp issued a press release announcing its financial results for the three- and nine-month period ended September 30, 2022 (the “Press Release”), and posted on its website its third 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 October 20, 2022, announcing financial results for the three-month and nine-month periods ended September 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: October 20, 2022	/s/ Douglas M. Schosser
	By: Douglas M. Schosser
	Chief Accounting Officer

EX-99.1

KEYCORP REPORTS THIRD QUARTER 2022 NET INCOME OF $513 MILLION,

OR $.55PER DILUTED COMMON SHARE

Revenue up from the prior quarter and year-ago period

Continued loan growth driven by commercial and consumer businesses

Strong credit quality with net charge-offs to average loans of 15 basis points

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

    CLEVELAND, October 20, 2022 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $513 million, or $.55 per diluted common share for the third quarter of 2022. This compared to $504 million, or $.54 per diluted common share, for the second quarter of 2022 and $616 million, or $.65 per diluted common share, for the third quarter of 2021.

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 2

Selected Financial Highlights
Dollars in millions, except per share data										Change 3Q22 vs.
	3Q22			2Q22			3Q21			2Q22		3Q21
Income (loss) from continuing operations attributable to Key common shareholders	$	513		$	504		$	616		1.8	%	(16.7)	%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	.55			.54			.65			1.9		(15.4)
Return on average tangible common equity from continuing operations (a)	21.19		%	20.90		%	18.55		%	N/A		N/A
Return on average total assets from continuing operations	1.14			1.16			1.41			N/A		N/A
Common Equity Tier 1 ratio (b)	9.1			9.2			9.6			N/A		N/A
Book value at period end	$	11.62		$	13.48		$	16.82		(13.8)		(30.9)
Net interest margin (TE) from continuing operations	2.74		%	2.61		%	2.47		%	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)September 30, 2022 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Net interest income (TE)	$	1,203	$	1,104	$	1,025	9.0	%	17.4	%
Noninterest income	683		688		797		(.7)		(14.3)
Total revenue	$	1,886	$	1,792	$	1,822	5.2	%	3.5	%

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.2 billion for the third quarter of 2022 and the net interest margin was 2.74%. Compared to the third quarter of 2021, net interest income increased $178 million and the net interest margin increased by 27 basis points. Net interest income 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 sale of the indirect auto loan portfolio in the third quarter of 2021 and lower loan fees from the Paycheck Protection Program ("PPP").

Compared to the second quarter of 2022, taxable-equivalent net interest income increased by $99 million and the net interest margin increased by 13 basis points. Net interest income and the net interest margin benefited from higher interest rates and loan growth, partly offset by higher interest-bearing deposit costs and a decline in deposit balances. Net interest income also benefited from one additional day in the quarter.

Noninterest Income
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Trust and investment services income	$	127	$	137	$	129	(7.3)	%	(1.6)	%
Investment banking and debt placement fees	154		149		235		3.4		(34.5)
Service charges on deposit accounts	92		96		91		(4.2)		1.1
Operating lease income and other leasing gains	19		28		37		(32.1)		(48.6)
Corporate services income	96		96		74		—		29.7
Cards and payments income	91		85		111		7.1		(18.0)
Corporate-owned life insurance income	33		35		33		(5.7)		—
Consumer mortgage income	14		14		33		—		(57.6)
Commercial mortgage servicing fees	44		45		34		(2.2)		29.4
Other income	13		3		20		333.3		(35.0)
Total noninterest income	$	683	$	688	$	797	(.7)	%	(14.3)	%

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 3

    Compared to the third quarter of 2021, noninterest income decreased by $114 million. The decrease was largely driven by investment banking and debt placement fees, down $81 million, reflecting a slowdown in capital markets activity. Cards and payments income decreased $20 million as a result of lower levels of prepaid card activity. Additionally, consumer mortgage income decreased $19 million, reflecting lower gain on sale margins. Partially offsetting the decrease were increases in corporate services income and commercial mortgage servicing fees, which increased $22 million and $10 million, respectively.

Compared to the second quarter of 2022, noninterest income decreased by $5 million. The decline was driven by trust and investment services income, which decreased $10 million, primarily reflecting the decline in the equity markets, and operating lease income, which declined $9 million. Partially offsetting the decrease were increases in cards and payments income and investment banking and debt placement fees, which increased $6 million and $5 million, respectively.

Noninterest Expense
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Personnel expense	$	655	$	607	$	640	7.9	%	2.3	%
Nonpersonnel expense	451		471		472		(4.2)		(4.4)
Total noninterest expense	$	1,106	$	1,078	$	1,112	2.6	%	(.5)	%

    Key’s noninterest expense was $1.1 billion for the third quarter of 2022, a decrease of $6 million from the year-ago period. Nonpersonnel expense decreased $21 million, driven by a decline in other expense and business services and professional fees, down $10 million and $9 million, respectively. Personnel expense increased $15 million, reflecting the impact of higher contract labor related to technology initiatives and a decline in deferred salaries due to lower loan originations. This was partly offset by a decrease in incentive and stock-based compensation as a result of lower production-related incentives, and a decline in employee benefits expense.

    Compared to the second quarter of 2022, noninterest expense increased $28 million, driven by personnel expense, which increased $48 million. The increase in personnel expense reflects seasonal staffing levels, an increase in incentive compensation related to the relative share price change, and a decline in deferred salaries due to lower loan originations. Partly offsetting the increase in noninterest expense was a $20 million decrease in nonpersonnel expense, related to a broad-based decline across expense categories.

BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Commercial and industrial (a)	$	56,151	$	53,858	$	49,868	4.3	%	12.6	%
Other commercial loans	22,200		21,173		19,362		4.9		14.7
Total consumer loans	36,067		34,107		30,908		5.7		16.7
Total loans	$	114,418	$	109,138	$	100,138	4.8	%	14.3	%

(a)Commercial and industrial average loan balances include $162 million, $153 million, and $137 million of assets from commercial credit cards at September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

Average loans were $114.4 billion for the third quarter of 2022, an increase of $14.3 billion compared to the third quarter of 2021. Commercial loans increased by $9.1 billion, reflecting core commercial and industrial loan growth, which mitigated the impact of a $4.0 billion decline in PPP balances, and an increase in commercial mortgage real estate loans. Consumer loans increased $5.2 billion, largely driven by Key's consumer mortgage business and Laurel Road, partly offset by the sale of the indirect auto loan portfolio in the third quarter of 2021.

Compared to the second quarter of 2022, average loans increased by $5.3 billion. Commercial loans increased $3.3 billion, reflecting growth in commercial and industrial loans and commercial mortgage real estate loans. Consumer loans increased $2.0 billion, driven by Key's consumer mortgage business.

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 4

Average Deposits
Dollars in millions										Change 3Q22 vs.
	3Q22			2Q22			3Q21			2Q22		3Q21
Non-time deposits	$	140,169		$	144,012		$	142,537		(2.7)	%	(1.7)	%
Certificates of deposit ($100,000 or more)	1,347			1,487			1,975			(9.4)		(31.8)
Other time deposits	2,713			1,972			2,404			37.6		12.9
Total deposits	$	144,229		$	147,471		$	146,916		(2.2)	%	(1.8)	%
Cost of total deposits	.16		%	.06		%	.04		%	N/A		N/A

N/A = Not Applicable

Average deposits totaled $144.2 billion for the third quarter of 2022, a decrease of $2.7 billion compared to the year-ago quarter. The decrease reflects declines in non-operating commercial deposit balances, partially offset by an increase in retail deposits.

Compared to the second quarter of 2022, average deposits decreased by $3.2 billion, reflecting declines in retail balances and declines in non-operating commercial deposit balances relative to the prior quarter.

ASSET QUALITY
Dollars in millions										Change 3Q22 vs.
	3Q22			2Q22			3Q21			2Q22		3Q21
Net loan charge-offs	$	43		$	44		$	29		(2.3)	%	48.3	%
Net loan charge-offs to average total loans	.15		%	.16		%	.11		%	N/A		N/A
Nonperforming loans at period end	$	390		$	429		$	554		(9.1)		(29.6)
Nonperforming assets at period end	419			463			599			(9.5)		(30.1)
Allowance for loan and lease losses	1,144			1,099			1,084			4.1		5.5
Allowance for credit losses	1,338			1,272			1,236			5.2		8.3
Provision for credit losses	109			45			(107)			142.2		201.9
Allowance for loan and lease losses to nonperforming loans	293.3		%	256.2		%	195.7		%	N/A		N/A
Allowance for credit losses to nonperforming loans	343.1			296.5			223.1			N/A		N/A

N/A = Not Applicable

    Key's provision for credit losses was $109 million, compared to a net benefit of $107 million in the third quarter of 2021 and provision of $45 million in the second quarter of 2022. The increase from prior periods reflects the change in the economic outlook.

    Net loan charge-offs for the third quarter of 2022 totaled $43 million, or 0.15% of average total loans. These results compare to $29 million, or 0.11%, for the third quarter of 2021 and $44 million, or 0.16%, for the second quarter of 2022. Key’s allowance for credit losses was $1.3 billion, or 1.15% of total period-end loans at September 30, 2022, compared to 1.25% at September 30, 2021, and 1.13% at June 30, 2022.

At September 30, 2022, Key’s nonperforming loans totaled $390 million, which represented 0.34% of period-end portfolio loans. These results compare to 0.56% at September 30, 2021, and 0.38% at June 30, 2022. Nonperforming assets at September 30, 2022, totaled $419 million, and represented 0.36% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.61% at September 30, 2021, and 0.41% at June 30, 2022.

CAPITAL

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

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 5

Capital Ratios
	9/30/2022		6/30/2022		9/30/2021
Common Equity Tier 1 (a)	9.1	%	9.2	%	9.6	%
Tier 1 risk-based capital (a)	10.6		10.4		10.9
Total risk-based capital (a)	12.7		12.0		12.7
Tangible common equity to tangible assets (b)	4.3		5.3		7.0
Leverage (a)	8.9		8.6		8.4

(a)September 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 third quarter of 2022. As shown in the preceding table, at September 30, 2022, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 9.1% and 10.6%, respectively. Key's tangible common equity ratio was 4.3% at September 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 3Q22 vs.
		3Q22	2Q22	3Q21	2Q22		3Q21
Shares outstanding at beginning of period		932,643	932,398	960,276	—	%	(2.9)	%
Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans		(3)	(24)	(29,923)	(87.5)		(100.0)
Shares issued under employee compensation plans (net of cancellations)		298	269	191	10.8		56.0
	Shares outstanding at end of period	932,938	932,643	930,544	—	%	.3	%

    During the third quarter of 2022, Key declared a dividend of $.195 per common share. Additionally, the KeyCorp Board of Directors approved an extension of the remaining $790 million existing share repurchase authorization through the third quarter of 2023.

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 Third Quarter 2022 Profit     

October 20, 2022

Page 6

Major Business Segments
Dollars in millions								Change 3Q22 vs.
		3Q22		2Q22		3Q21		2Q22		3Q21
Revenue from continuing operations (TE)
Consumer Bank		$	891	$	824	$	870	8.1	%	2.4	%
Commercial Bank		889		842		884		5.6		.6
Other (a)		106		126		68		(15.9)		55.9
	Total	$	1,886	$	1,792	$	1,822	5.2	%	3.5	%
Income (loss) from continuing operations attributable to Key
Consumer Bank		$	142	$	107	$	241	32.7	%	(41.1)	%
Commercial Bank		295		317		379		(6.9)		(22.2)
Other (a)		103		106		23		(2.8)		347.8
	Total	$	540	$	530	$	643	1.9	%	(16.0)	%

(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 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Summary of operations
Net interest income (TE)	$	632	$	570	$	582	10.9	%	8.6	%
Noninterest income	259		254		288		2.0		(10.1)
Total revenue (TE)	891		824		870		8.1		2.4
Provision for credit losses	37		8		(38)		362.5		197.4
Noninterest expense	667		676		591		(1.3)		12.9
Income (loss) before income taxes (TE)	187		140		317		33.6		(41.0)
Allocated income taxes (benefit) and TE adjustments	45		33		76		36.4		(40.8)
Net income (loss) attributable to Key	$	142	$	107	$	241	32.7	%	(41.1)	%
Average balances
Loans and leases	$	42,568	$	40,827	$	39,854	4.3	%	6.8	%
Total assets	45,638		43,877		43,039		4.0		6.0
Deposits	90,044		91,273		89,278		(1.3)		.9
Assets under management at period end	$	47,846	$	49,003	$	52,867	(2.4)	%	(9.5)	%

TE = Taxable Equivalent

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 7

Additional Consumer Bank Data
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Noninterest income
Trust and investment services income	$	99	$	104	$	105	(4.8)	%	(5.7)	%
Service charges on deposit accounts	56		59		56		(5.1)		—
Cards and payments income	64		62		62		3.2		3.2
Consumer mortgage income	13		14		33		(7.1)		(60.6)
Other noninterest income	27		15		32		80.0		(15.6)
Total noninterest income	$	259	$	254	$	288	2.0	%	(10.1)	%
Average deposit balances
NOW and money market deposit accounts	$	56,696	$	57,891	$	56,402	(2.1)	%	.5	%
Savings deposits	7,556		7,515		6,749		.5		12.0
Certificates of deposit ($100,000 or more)	1,238		1,375		1,846		(10.0)		(32.9)
Other time deposits	1,838		1,966		2,398		(6.5)		(23.4)
Noninterest-bearing deposits	22,716		22,526		21,883		.8		3.8
Total deposits	$	90,044	$	91,273	$	89,278	(1.3)	%	.9	%
Other data
Branches	976		978		1,000
Automated teller machines	1,270		1,284		1,316

Consumer Bank Summary of Operations (3Q22 vs. 3Q21)

•Net income attributable to Key of $142 million for the third quarter of 2022, compared to $241 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $50 million, or 8.6%, compared to the third quarter of 2021, driven by higher earning assets, partially offset by the sale of the indirect auto loan portfolio

•Average loans and leases increased $2.7 billion, or 6.8%, from the third quarter of 2021, driven by loan growth in consumer mortgage and Laurel Road, partly offset by the sale of the indirect auto loan portfolio

•Average deposits increased $766 million, or 0.9%, from the third quarter of 2021, driven by higher retail deposits

•Provision for credit losses increased $75 million compared to the third quarter of 2021, due to an increase in the provision in the current quarter, reflecting the change in the economic outlook, as well as a reserve release in the year-ago period as uncertainty caused by the pandemic subsided

•Noninterest income decreased $29 million from the year-ago quarter, driven by lower consumer mortgage income, reflecting lower gain on sale margins, as well as a decline in trust and investment services, reflecting lower equity markets

•Noninterest expense increased $76 million, or 12.9%, from the year-ago quarter, primarily driven by an increase in personnel expense

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 8

Commercial Bank
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Summary of operations
Net interest income (TE)	$	495	$	438	$	407	13.0	%	21.6	%
Noninterest income	394		404		477		(2.5)		(17.4)
Total revenue (TE)	889		842		884		5.6		.6
Provision for credit losses	74		37		(69)		100.0		207.2
Noninterest expense	450		410		470		9.8		(4.3)
Income (loss) before income taxes (TE)	365		395		483		(7.6)		(24.4)
Allocated income taxes and TE adjustments	70		78		104		(10.3)		(32.7)
Net income (loss) attributable to Key	$	295	$	317	$	379	(6.9)	%	(22.2)	%
Average balances
Loans and leases	$	71,464	$	67,825	$	59,856	5.4	%	19.4	%
Loans held for sale	1,036		1,016		1,190		2.0		(12.9)
Total assets	81,898		78,815		69,227		3.9		18.3
Deposits	52,272		54,846		56,401		(4.7)	%	(7.3)	%

TE = Taxable Equivalent

Additional Commercial Bank Data
Dollars in millions							Change 3Q22 vs.
	3Q22		2Q22		3Q21		2Q22		3Q21
Noninterest income
Trust and investment services income	$	29	$	33	$	24	(12.1)	%	20.8	%
Investment banking and debt placement fees	153		150		234		2.0		(34.6)
Operating lease income and other leasing gains	19		27		37		(29.6)		(48.6)
Corporate services income	89		87		67		2.3		32.8
Service charges on deposit accounts	36		36		34		—		5.9
Cards and payments income	19		23		44		(17.4)		(56.8)
Payments and services income	144		146		145		(1.4)		(0.7)
Commercial mortgage servicing fees	44		45		34		(2.2)		29.4
Other noninterest income	5		3		3		66.7		66.7
Total noninterest income	$	394	$	404	$	477	(2.5)	%	(17.4)	%

Commercial Bank Summary of Operations (3Q22 vs. 3Q21)

•Net income attributable to Key of $295 million for the third quarter of 2022 compared to $379 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $88 million, or 21.6%, compared to the third quarter of 2021, reflecting growth in commercial and industrial loans and commercial real estate loans, as well as higher interest rates

•Average loan and lease balances increased $11.6 billion, or 19.4%, compared to the third quarter of 2021, due to growth in commercial and industrial loans and commercial mortgage real estate loans

•Average deposit balances decreased $4.1 billion compared to the third quarter of 2021, driven by a decline in non-operating deposits

•Provision for credit losses increased $143 million compared to the third quarter of 2021, due to an increase in the provision in the current quarter, reflecting the change in the economic outlook, as well as a reserve release in the year-ago period as uncertainty caused by the pandemic subsided

•Noninterest income decreased $83 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 $20 million from the third quarter of 2021, driven by lower incentive compensation and lower operating lease expense

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 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 $190.1 billion at September 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 Third Quarter 2022 Profit     

October 20, 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 October 20, 2022. A replay of the call will be available through October 29, 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 Third Quarter 2022 Profit     

October 20, 2022

Page 11

KeyCorp

Third 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 Third Quarter 2022 Profit     

October 20, 2022

Page 12

Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			9/30/2022			6/30/2022			9/30/2021
Summary of operations
	Net interest income (TE)		$	1,203		$	1,104		$	1,025
	Noninterest income		683			688			797
		Total revenue (TE)	1,886			1,792			1,822
	Provision for credit losses		109			45			(107)
	Noninterest expense		1,106			1,078			1,112
	Income (loss) from continuing operations attributable to Key		540			530			643
	Income (loss) from discontinued operations, net of taxes		2			3			2
	Net income (loss) attributable to Key		542			533			645
	Income (loss) from continuing operations attributable to Key common shareholders		513			504			616
	Income (loss) from discontinued operations, net of taxes		2			3			2
	Net income (loss) attributable to Key common shareholders		515			507			618
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	.55		$	.54		$	.65
	Income (loss) from discontinued operations, net of taxes		—			—			—
	Net income (loss) attributable to Key common shareholders (a)		.55			.55			.66
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.55			.54			.65
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		.55			.54			.65
	Cash dividends declared		.195			.195			.185
	Book value at period end		11.62			13.48			16.82
	Tangible book value at period end		8.56			10.40			13.80
	Market price at period end		16.02			17.23			21.62
Performance ratios
	From continuing operations:
	Return on average total assets		1.14		%	1.16		%	1.41		%
	Return on average common equity		16.33			16.17			15.28
	Return on average tangible common equity (b)		21.19			20.90			18.55
	Net interest margin (TE)		2.74			2.61			2.47
	Cash efficiency ratio (b)		58.0			59.5			60.2
	From consolidated operations:
	Return on average total assets		1.14		%	1.16		%	1.41		%
	Return on average common equity		16.39			16.27			15.33
	Return on average tangible common equity (b)		21.28			21.03			18.61
	Net interest margin (TE)		2.73			2.60			2.46
	Loan to deposit (c)		81.3			78.3			66.5
Capital ratios at period end
	Key shareholders’ equity to assets		7.0		%	7.7		%	9.4		%
	Key common shareholders’ equity to assets		5.7			6.7			8.4
	Tangible common equity to tangible assets (b)		4.3			5.3			7.0
	Common Equity Tier 1 (d)		9.1			9.2			9.6
	Tier 1 risk-based capital (d)		10.6			10.4			10.9
	Total risk-based capital (d)		12.7			12.0			12.7
	Leverage (d)		8.9			8.6			8.4
Asset quality — from continuing operations
	Net loan charge-offs		$	43		$	44		$	29
	Net loan charge-offs to average loans		.15		%	.16		%	.11		%
	Allowance for loan and lease losses		$	1,144		$	1,099		$	1,084
	Allowance for credit losses		1,338			1,272			1,236
	Allowance for loan and lease losses to period-end loans		.98		%	.98		%	1.10		%
	Allowance for credit losses to period-end loans		1.15			1.13			1.25
	Allowance for loan and lease losses to nonperforming loans		293.3			256.2			195.7
	Allowance for credit losses to nonperforming loans		343.1			296.5			223.1
	Nonperforming loans at period-end		$	390		$	429		$	554
	Nonperforming assets at period-end		419			463			599
	Nonperforming loans to period-end portfolio loans		.34		%	.38		%	.56		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.36			.41			.61
Trust assets
	Assets under management		$	47,846		$	49,003		$	52,867
Other data
	Average full-time equivalent employees		17,907			17,414			17,009
	Branches		976			978			1,000
	Taxable-equivalent adjustment		$	7		$	7		$	9

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 13

Financial Highlights (continued)
(Dollars in millions, except per share amounts)
		Nine months ended
		9/30/2022			9/30/2021
Summary of operations
	Net interest income (TE)	$	3,327		$	3,060
	Noninterest income	2,047			2,285
	Total revenue (TE)	5,374			5,345
	Provision for credit losses	237			(422)
	Noninterest expense	3,254			3,259
	Income (loss) from continuing operations attributable to Key	1,517			1,985
	Income (loss) from discontinued operations, net of taxes	6			11
	Net income (loss) attributable to Key	1,523			1,996
	Income (loss) from continuing operations attributable to Key common shareholders	1,437			1,905
	Income (loss) from discontinued operations, net of taxes	6			11
	Net income (loss) attributable to Key common shareholders	1,443			1,916
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders	$	1.55		$	1.99
	Income (loss) from discontinued operations, net of taxes	.01			.01
	Net income (loss) attributable to Key common shareholders (a)	1.56			2.00
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	1.54			1.98
	Income (loss) from discontinued operations, net of taxes — assuming dilution	.01			.01
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)	1.55			1.99
	Cash dividends paid	.59			.56
Performance ratios
	From continuing operations:
	Return on average total assets	1.10		%	1.50		%
	Return on average common equity	14.48			15.98
	Return on average tangible common equity (b)	18.41			19.43
	Net interest margin (TE)	2.60			2.53
	Cash efficiency ratio (b)	59.9			60.1
	From consolidated operations:
	Return on average total assets	1.10		%	1.50		%
	Return on average common equity	14.54			16.07
	Return on average tangible common equity (b)	18.49			19.54
	Net interest margin (TE)	2.60			2.52
Asset quality — from continuing operations
	Net loan charge-offs	$	120		$	165
	Net loan charge-offs to average total loans	.15		%	.22		%
Other data
	Average full-time equivalent employees	17,477			17,034
Taxable-equivalent adjustment		20			22

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

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 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 provides 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									Nine months ended
	9/30/2022			6/30/2022			9/30/2021			9/30/2022			9/30/2021
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)	$	13,290		$	14,427		$	17,510
Less: Intangible assets (a)	2,856			2,868			2,814
Preferred Stock (b)	2,446			1,856			1,856
Tangible common equity (non-GAAP)	$	7,988		$	9,703		$	12,840
Total assets (GAAP)	$	190,051		$	187,008		$	187,035
Less: Intangible assets (a)	2,856			2,868			2,814
Tangible assets (non-GAAP)	$	187,195		$	184,140		$	184,221
Tangible common equity to tangible assets ratio (non-GAAP)	4.27		%	5.27		%	6.97		%
Pre-provision net revenue
Net interest income (GAAP)	$	1,196		$	1,097		$	1,016		$	3,307		$	3,038
Plus: Taxable-equivalent adjustment	7			7			9			20			22
Noninterest income	683			688			797			2,047			2,285
Less: Noninterest expense	1,106			1,078			1,112			3,254			3,259
Pre-provision net revenue from continuing operations (non-GAAP)	$	780		$	714		$	710		$	2,120		$	2,086
Average tangible common equity
Average Key shareholders' equity (GAAP)	$	14,614		$	14,398		$	17,899		$	15,256		$	17,843
Less: Intangible assets (average) (c)	2,863			2,827			2,823			2,835			2,834
Preferred stock (average)	2,148			1,900			1,900			1,984			1,900
Average tangible common equity (non-GAAP)	$	9,603		$	9,671		$	13,176		$	10,437		$	13,109
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	513		$	504		$	616		$	1,437		$	1,905
Average tangible common equity (non-GAAP)	9,603			9,671			13,176			10,437			13,109
Return on average tangible common equity from continuing operations (non-GAAP)	21.19		%	20.90		%	18.55		%	18.41		%	19.43		%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)	$	515		$	507		$	618		$	1,443		$	1,916
Average tangible common equity (non-GAAP)	9,603			9,671			13,176			10,437			13,109
Return on average tangible common equity consolidated (non-GAAP)	21.28		%	21.03		%	18.61		%	18.49		%	19.54		%

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October 20, 2022

Page 15

GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended									Nine months ended
	9/30/2022			6/30/2022			9/30/2021			9/30/2022			9/30/2021
Cash efficiency ratio
Noninterest expense (GAAP)	$	1,106		$	1,078		$	1,112		$	3,254		$	3,259
Less: Intangible asset amortization	12			12			15			35			44
Adjusted noninterest expense (non-GAAP)	$	1,094		$	1,066		$	1,097		$	3,219		$	3,215
Net interest income (GAAP)	$	1,196		$	1,097		$	1,016		$	3,307		$	3,038
Plus: Taxable-equivalent adjustment	7			7			9			20			22
Noninterest income	683			688			797			2,047			2,285
Total taxable-equivalent revenue (non-GAAP)	$	1,886		$	1,792		$	1,822		$	5,374		$	5,345
Cash efficiency ratio (non-GAAP)	58.0		%	59.5		%	60.2		%	59.9		%	60.1		%

(a)For the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, intangible assets exclude $2 million, $2 million, and $3 million, respectively, of period-end purchased credit card receivables.

(b)Net of capital surplus.

(c)For the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables. For the nine months ended September 30, 2022, and September 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 Third Quarter 2022 Profit     

October 20, 2022

Page 16

Consolidated Balance Sheets
(Dollars in millions)
			9/30/2022		6/30/2022		9/30/2021
Assets
	Loans		$	116,191	$	112,390	$	98,609
	Loans held for sale		1,048		1,306		1,805
	Securities available for sale		40,000		42,437		40,594
	Held-to-maturity securities		8,163		8,186		8,423
	Trading account assets		1,068		809		902
	Short-term investments		4,896		2,456		19,608
	Other investments		1,272		969		607
		Total earning assets	172,638		168,553		170,548
	Allowance for loan and lease losses		(1,144)		(1,099)		(1,084)
	Cash and due from banks		717		678		763
	Premises and equipment		629		638		678
	Goodwill		2,752		2,752		2,673
	Other intangible assets		106		118		144
	Corporate-owned life insurance		4,351		4,343		4,312
	Accrued income and other assets		9,535		10,529		8,404
	Discontinued assets		467		496		597
		Total assets	$	190,051	$	187,008	$	187,035
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	84,168	$	83,628	$	87,242
		Savings deposits	7,860		7,934		7,259
		Certificates of deposit ($100,000 or more)	1,269		1,421		1,890
		Other time deposits	4,578		1,909		2,315
		Total interest-bearing deposits	97,875		94,892		98,706
		Noninterest-bearing deposits	46,980		50,973		53,225
		Total deposits	144,855		145,865		151,931
	Federal funds purchased and securities sold under repurchase agreements		4,224		3,234		228
	Bank notes and other short-term borrowings		4,576		2,809		767
	Accrued expense and other liabilities		4,849		4,056		3,434
	Long-term debt		18,257		16,617		13,165
		Total liabilities	176,761		172,581		169,525
Equity
	Preferred stock		2,500		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,257		6,241		6,141
	Retained earnings		15,450		15,118		14,133
	Treasury stock, at cost		(5,917)		(5,923)		(5,876)
	Accumulated other comprehensive income (loss)		(6,257)		(4,166)		(45)
		Key shareholders’ equity	13,290		14,427		17,510
Total liabilities and equity			$	190,051	$	187,008	$	187,035
Common shares outstanding (000)			932,938		932,643		930,544

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 17

Consolidated Statements of Income
(Dollars in millions, except per share amounts)
			Three months ended						Nine months ended
			9/30/2022		6/30/2022		9/30/2021		9/30/2022		9/30/2021
Interest income
	Loans		$	1,134	$	923	$	882	$	2,894	$	2,659
	Loans held for sale		14		10		13		36		35
	Securities available for sale		196		188		135		557		398
	Held-to-maturity securities		55		48		43		149		133
	Trading account assets		8		7		4		21		14
	Short-term investments		32		13		9		49		20
	Other investments		5		4		1		11		5
		Total interest income	1,444		1,193		1,087		3,717		3,264
Interest expense
	Deposits		59		20		15		93		52
	Federal funds purchased and securities sold under repurchase agreements		19		6		—		25		—
	Bank notes and other short-term borrowings		24		9		2		36		6
	Long-term debt		146		61		54		256		168
		Total interest expense	248		96		71		410		226
Net interest income			1,196		1,097		1,016		3,307		3,038
Provision for credit losses			109		45		(107)		237		(422)
Net interest income after provision for credit losses			1,087		1,052		1,123		3,070		3,460
Noninterest income
	Trust and investment services income		127		137		129		400		395
	Investment banking and debt placement fees		154		149		235		466		614
	Service charges on deposit accounts		92		96		91		279		247
	Operating lease income and other leasing gains		19		28		37		79		111
	Corporate services income		96		96		74		283		212
	Cards and payments income		91		85		111		256		329
	Corporate-owned life insurance income		33		35		33		99		94
	Consumer mortgage income		14		14		33		49		106
	Commercial mortgage servicing fees		44		45		34		125		112
	Other income		13		3		20		11		65
		Total noninterest income	683		688		797		2,047		2,285
Noninterest expense
	Personnel		655		607		640		1,892		1,887
	Net occupancy		72		78		74		223		225
	Computer processing		77		78		67		232		211
	Business services and professional fees		47		52		56		152		157
	Equipment		23		26		25		72		75
	Operating lease expense		24		27		30		79		95
	Marketing		30		34		32		92		89
	Other expense		178		176		188		512		520
		Total noninterest expense	1,106		1,078		1,112		3,254		3,259
Income (loss) from continuing operations before income taxes			664		662		808		1,863		2,486
	Income taxes		124		132		165		346		501
Income (loss) from continuing operations			540		530		643		1,517		1,985
	Income (loss) from discontinued operations, net of taxes		2		3		2		6		11
Net income (loss)			542		533		645		1,523		1,996
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	542	$	533	$	645	$	1,523	1,996
Income (loss) from continuing operations attributable to Key common shareholders			$	513	$	504	$	616	$	1,437	$	1,905
Net income (loss) attributable to Key common shareholders			515		507		618		1,443		1,916
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.55	$	.54	$	.65	$	1.55	$	1.99
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.55		.66		1.56		2.00
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.55	$	.54	$	.65	$	1.54	$	1.98
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.54		.65		1.55		1.99
Cash dividends declared per common share			$	.195	$	.195	$	.185	$	.585	$	.555
Weighted-average common shares outstanding (000)			924,594		924,302		942,446		924,085		955,069
	Effect of common share options and other stock awards		7,861		7,506		10,077		8,679		9,712
Weighted-average common shares and potential common shares outstanding (000) (b)			932,455		931,808		952,523		932,764		964,781

(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 Third Quarter 2022 Profit     

October 20, 2022

Page 18

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Third Quarter 2022						Second Quarter 2022						Third 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)	$	56,151	$	578	4.09	%	$	53,858	$	449	3.34	%	$	49,868	$	445	3.54	%
	Real estate — commercial mortgage	16,002		168		4.18		15,231		136		3.58		13,306		120		3.56
	Real estate — construction	2,306		27		4.58		2,125		20		3.81		2,134		19		3.53
	Commercial lease financing	3,892		25		2.58		3,817		24		2.47		3,922		27		2.80
	Total commercial loans	78,351		798		4.05		75,031		629		3.36		69,230		611		3.50
	Real estate — residential mortgage	20,256		152		3.00		18,383		131		2.85		13,168		92		2.78
	Home equity loans	8,024		91		4.51		8,208		78		3.83		8,894		84		3.75
	Consumer direct loans	6,766		72		4.25		6,514		68		4.19		5,175		59		4.55
	Credit cards	969		28		11.63		943		24		10.20		917		23		10.07
	Consumer indirect loans	52		—		—		59		—		—		2,754		22		3.15
	Total consumer loans	36,067		343		3.80		34,107		301		3.53		30,908		280		3.60
	Total loans	114,418		1,141		3.97		109,138		930		3.41		100,138		891		3.53
	Loans held for sale	1,102		14		5.22		1,107		10		3.49		1,447		13		3.66
	Securities available for sale (b), (e)	42,271		196		1.69		43,023		188		1.60		36,923		135		1.48
	Held-to-maturity securities (b)	7,933		55		2.79		7,291		48		2.65		6,507		43		2.66
	Trading account assets	841		8		3.65		854		7		3.45		743		4		2.19
	Short-term investments	3,043		32		4.13		3,591		13		1.45		19,274		9		.18
	Other investments (e)	1,054		5		1.78		800		4		2.27		614		1		0.99
	Total earning assets	170,662		1,451		3.30		165,804		1,200		2.83		165,646		1,096		2.64
	Allowance for loan and lease losses	(1,099)						(1,103)						(1,222)
	Accrued income and other assets	18,629						18,826						16,947
	Discontinued assets	478						505						618
	Total assets	$	188,670					$	184,032					$	181,989
Liabilities
	NOW and money market deposit accounts	$	83,050	$	50	.24		$	85,389	$	18	.08		$	85,333	$	10	.05
	Savings deposits	7,904		—		.01		7,891		—		.01		7,117		—		.01
	Certificates of deposit ($100,000 or more)	1,347		2		.47		1,487		1		.44		1,975		3		.59
	Other time deposits	2,713		7		.97		1,972		1		.13		2,404		2		.26
	Total interest-bearing deposits	95,014		59		.25		96,739		20		.08		96,829		15		.06
	Federal funds purchased and securities sold under repurchase agreements	3,562		19		2.10		2,792		6		.88		231		—		.02
	Bank notes and other short-term borrowings	3,725		24		2.53		1,943		9		1.77		671		2		1.11
	Long-term debt (f), (g)	17,704		146		3.32		12,662		61		1.92		12,601		54		1.73
	Total interest-bearing liabilities	120,005		248		.82		114,136		96		.34		110,332		71		.26
	Noninterest-bearing deposits	49,215						50,732						50,087
	Accrued expense and other liabilities	4,358						4,261						3,053
	Discontinued liabilities (g)	478						505						618
	Total liabilities	$	174,056					$	169,634					$	164,090
Equity
	Key shareholders’ equity	$	14,614					$	14,398					$	17,899
	Noncontrolling interests	—						—						—
	Total equity	14,614						14,398						17,899
	Total liabilities and equity	$	188,670					$	184,032					$	181,989
Interest rate spread (TE)						2.48	%					2.50	%					2.38	%
Net interest income (TE) and net interest margin (TE)				$	1,203	2.74	%			$	1,104	2.61	%			$	1,025	2.47	%
TE adjustment (b)				7						7						9
	Net interest income, GAAP basis			$	1,196					$	1,097					$	1,016

(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 September 30, 2022, June 30, 2022, and September 30, 2021.

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

(d)Commercial and industrial average balances include $162 million, $153 million, and $137 million of assets from commercial credit cards for the three months ended September 30, 2022, June 30, 2022, and September 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 Third Quarter 2022 Profit     

October 20, 2022

Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Nine months ended September 30, 2022						Nine months ended September 30, 2021
		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	53,878	$	1,437	3.57	%	$	51,410	$	1,347	3.50	%
	Real estate — commercial mortgage	15,278		425		3.72		12,932		351		3.63
	Real estate — construction	2,154		64		3.95		2,111		58		3.65
	Commercial lease financing	3,883		72		2.48		4,041		89		2.93
	Total commercial loans	75,193		1,998		3.55		70,494		1,845		3.50
	Real estate — residential mortgage	18,331		395		2.87		11,320		246		2.89
	Home equity loans	8,191		244		3.98		9,089		257		3.78
	Consumer direct loans	6,414		201		4.20		4,969		173		4.65
	Credit cards	948		76		10.75		919		69		10.10
	Consumer indirect loans	67		—		—		3,771		91		3.22
	Total consumer loans	33,951		916		3.60		30,068		836		3.71
	Total loans	109,144		2,914		3.57		100,562		2,681		3.56
	Loans held for sale	1,230		36		3.94		1,531		35		3.03
	Securities available for sale (b), (e)	43,396		557		1.60		33,553		398		1.60
	Held-to-maturity securities (b)	7,473		149		2.66		6,713		133		2.64
	Trading account assets	846		21		3.28		809		14		2.30
	Short-term investments	4,636		49		1.42		18,211		20		.15
	Other investments (e)	836		11		1.80		616		5		1.14
	Total earning assets	167,561		3,737		2.92		161,995		3,286		2.71
	Allowance for loan and lease losses	(1,087)						(1,427)
	Accrued income and other assets	18,315						16,626
	Discontinued assets	507						651
	Total assets	$	185,296					$	177,845
Liabilities
	NOW and money market deposit accounts	$	85,632	$	79	.12		$	83,599	$	30	.05
	Savings deposits	7,799		1		.01		6,730		1		.02
	Certificates of deposit ($100,000 or more)	1,490		5		.45		2,250		13		.77
	Other time deposits	2,263		8		.48		2,644		8		.41
	Total interest-bearing deposits	97,184		93		.13		95,223		52		.07
	Federal funds purchased and securities sold under repurchase agreements	2,226		25		1.51		242		—		.03
	Bank notes and other short-term borrowings	2,135		36		2.24		764		6		.96
	Long-term debt (f), (g)	13,757		256		2.49		12,469		168		1.80
	Total interest-bearing liabilities	115,302		410		.48		108,698		226		.28
	Noninterest-bearing deposits	50,082						47,800
	Accrued expense and other liabilities	4,149						2,853
	Discontinued liabilities (g)	507						651
	Total liabilities	$	170,040					$	160,002
Equity
	Key shareholders’ equity	$	15,256					$	17,843
	Noncontrolling interests	—						—
	Total equity	15,256						17,843
	Total liabilities and equity	$	185,296					$	177,845
Interest rate spread (TE)						2.45	%					2.44	%
Net interest income (TE) and net interest margin (TE)				$	3,327	2.60	%			$	3,060	2.53	%
TE adjustment (b)				20						22
	Net interest income, GAAP basis			$	3,307					$	3,038

(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 nine months ended September 30, 2022, and September 30, 2021, respectively.

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

(d)Commercial and industrial average balances include $152 million and $131 million of assets from commercial credit cards for the nine months ended September 30, 2022, and September 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 Third Quarter 2022 Profit     

October 20, 2022

Page 20

Noninterest Expense
(Dollars in millions)
	Three months ended						Nine months ended
	9/30/2022		6/30/2022		9/30/2021		9/30/2022		9/30/2021
Personnel (a)	$	655	$	607	$	640	$	1,892	$	1,887
Net occupancy	72		78		74		223		225
Computer processing	77		78		67		232		211
Business services and professional fees	47		52		56		152		157
Equipment	23		26		25		72		75
Operating lease expense	24		27		30		79		95
Marketing	30		34		32		92		89
Other expense	178		176		188		512		520
Total noninterest expense	$	1,106	$	1,078	$	1,112	$	3,254	$	3,259
Average full-time equivalent employees (b)	17,907		17,414		17,009		17,477		17,034

(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						Nine months ended
	9/30/2022		6/30/2022		9/30/2021		9/30/2022		9/30/2021
Salaries and contract labor	$	388	$	357	$	328	$	1,093	$	969
Incentive and stock-based compensation	176		163		212		522		618
Employee benefits	89		83		100		269		299
Severance	2		4		—		8		1
Total personnel expense	$	655	$	607	$	640	$	1,892	$	1,887

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 21

Loan Composition
(Dollars in millions)
							Change 9/30/2022 vs
	9/30/2022		6/30/2022		9/30/2021		6/30/2022		9/30/2021
Commercial and industrial (a)	$	56,971	$	55,245	$	49,553	3.1	%	15.0	%
Commercial real estate:
Commercial mortgage	16,400		15,636		13,674		4.9		19.9
Construction	2,349		2,144		2,120		9.6		10.8
Total commercial real estate loans	18,749		17,780		15,794		5.4		18.7
Commercial lease financing (b)	3,877		3,956		3,982		(2.0)		(2.6)
Total commercial loans	79,597		76,981		69,329		3.4		14.8
Residential — prime loans:
Real estate — residential mortgage	20,838		19,588		14,204		6.4		46.7
Home equity loans	7,926		8,134		8,747		(2.6)		(9.4)
Total residential — prime loans	28,764		27,722		22,951		3.8		25.3
Consumer direct loans	6,803		6,665		5,324		2.1		27.8
Credit cards	977		967		928		1.0		5.3
Consumer indirect loans	50		55		77		(9.1)		(35.1)
Total consumer loans	36,594		35,409		29,280		3.3		25.0
Total loans (c), (d)	$	116,191	$	112,390	$	98,609	3.4	%	17.8	%

(a)Loan balances include $166 million, $161 million, and $139 million of commercial credit card balances at September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $10 million, $12 million, and $16 million at September 30, 2022, June 30, 2022, and September 30, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $467 million at September 30, 2022, $498 million at June 30, 2022, and $602 million at September 30, 2021, related to the discontinued operations of the education lending business.

(d)Accrued interest of $274 million, $233 million, and $212 million at September 30, 2022, June 30, 2022, and September 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 9/30/2022 vs
	9/30/2022		6/30/2022		9/30/2021		6/30/2022		9/30/2021
Commercial and industrial	$	292	$	213	$	122	37.1	%	139.3	%
Real estate — commercial mortgage	693		1,004		1,446		(31.0)		(52.1)
Real estate — construction	—		6		—		N/M		N/M
Commercial lease financing	2		—		—		N/M		N/M
Real estate — residential mortgage	61		83		237		(26.5)		(74.3)
Total loans held for sale	$	1,048	$	1,306	$	1,805	(19.8)	%	(41.9)	%

N/M = Not Meaningful

Summary of Changes in Loans Held for Sale
(Dollars in millions)
	3Q22		2Q22		1Q22		4Q21		3Q21
Balance at beginning of period	$	1,306	$	1,170	$	2,729	$	1,805	$	1,537
New originations	2,157		2,837		2,724		5,704		3,328
Transfers from (to) held to maturity, net	—		(57)		—		(1)		3305
Loan sales	(2,446)		(2,506)		(4,269)		(4,742)		(6,405)
Loan draws (payments), net	26		(133)		(12)		(12)		8
Valuation and other adjustments	5		(5)		(2)		(25)		32
Balance at end of period	$	1,048	$	1,306	$	1,170	$	2,729	$	1,805

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 22

Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
	Three months ended									Nine months ended
	9/30/2022			6/30/2022			9/30/2021			9/30/2022			9/30/2021
Average loans outstanding	$	114,418		$	109,138		$	100,138		$	109,144		$	100,562
Allowance for loan and lease losses at the beginning of the period	1,099			1,105			1,220			1,061			1,626
Loans charged off:
Commercial and industrial	49			39			27			118			141
Real estate — commercial mortgage	3			3			—			10			39
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	3			3			—			10			39
Commercial lease financing	—			—			1			2			5
Total commercial loans	52			42			28			130			185
Real estate — residential mortgage	1			(2)			(2)			(2)			(1)
Home equity loans	—			—			1			1			7
Consumer direct loans	8			10			7			25			22
Credit cards	7			8			6			22			21
Consumer indirect loans	—			1			26			2			38
Total consumer loans	16			17			38			48			87
Total loans charged off	68			59			66			178			272
Recoveries:
Commercial and industrial	13			8			20			32			60
Real estate — commercial mortgage	2			1			1			4			8
Real estate — construction	—			1			—			1			—
Total commercial real estate loans	2			2			1			5			8
Commercial lease financing	1			1			6			2			7
Total commercial loans	16			11			27			39			75
Real estate — residential mortgage	1			1			1			2			2
Home equity loans	1			1			2			3			4
Consumer direct loans	4			1			2			7			6
Credit cards	2			1			1			5			6
Consumer indirect loans	1			—			4			2			14
Total consumer loans	9			4			10			19			32
Total recoveries	25			15			37			58			107
Net loan charge-offs	(43)			(44)			(29)			(120)			(165)
Provision (credit) for loan and lease losses	88			38			(107)			203			(377)
Allowance for loan and lease losses at end of period	$	1,144		$	1,099		$	1,084		$	1,144		$	1,084
Liability for credit losses on lending-related commitments at beginning of period	173			166			152			160			197
Provision (credit) for losses on lending-related commitments	21			7			—			34			(45)
Liability for credit losses on lending-related commitments at end of period (a)	$	194		$	173		$	152		$	194		$	152
Total allowance for credit losses at end of period	$	1,338		$	1,272		$	1,236		$	1,338		$	1,236
Net loan charge-offs to average total loans	.15		%	.16		%	.11		%	.15		%	.22		%
Allowance for loan and lease losses to period-end loans	.98			.98			1.10			.98			1.10
Allowance for credit losses to period-end loans	1.15			1.13			1.25			1.15			1.25
Allowance for loan and lease losses to nonperforming loans	293.3			256.2			195.7			293.3			195.7
Allowance for credit losses to nonperforming loans	343.1			296.5			223.1			343.1			223.1
Discontinued operations — education lending business:
Loans charged off	$	1		$	1		$	1		$	4		$	3
Recoveries	1			1			1			2			2
Net loan charge-offs	$	—		$	—		$	—		$	(2)		$	(1)

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

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 23

Asset Quality Statistics From Continuing Operations
(Dollars in millions)
	3Q22			2Q22			1Q22			4Q21			3Q21
Net loan charge-offs	$	43		$	44		$	33		$	19		$	29
Net loan charge-offs to average total loans	.15		%	.16		%	.13		%	.08		%	.11		%
Allowance for loan and lease losses	$	1,144		$	1,099		$	1,105		$	1,061		$	1,084
Allowance for credit losses (a)	1,338			1,272			1,271			1,221			1,236
Allowance for loan and lease losses to period-end loans	.98		%	.98		%	1.04		%	1.04		%	1.10		%
Allowance for credit losses to period-end loans	1.15			1.13			1.19			1.20			1.25
Allowance for loan and lease losses to nonperforming loans	293.3			256.2			251.7			233.7			195.7
Allowance for credit losses to nonperforming loans	343.1			296.5			289.5			268.9			223.1
Nonperforming loans at period end	$	390		$	429		$	439		$	454		$	554
Nonperforming assets at period end	419			463			467			489			599
Nonperforming loans to period-end portfolio loans	.34		%	.38		%	.41		%	.45		%	.56		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.36			.41			.44			.48			.61

(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)
	9/30/2022			6/30/2022			3/31/2022			12/31/2021			9/30/2021
Commercial and industrial	$	169		$	197		$	186		$	191		$	253
Real estate — commercial mortgage	34			35			40			44			49
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	34			35			40			44			49
Commercial lease financing	2			2			3			4			5
Total commercial loans	205			234			229			239			307
Real estate — residential mortgage	66			67			73			72			93
Home equity loans	112			120			129			135			146
Consumer direct loans	3			3			4			4			4
Credit cards	3			3			3			3			3
Consumer indirect loans	1			2			1			1			1
Total consumer loans	185			195			210			215			247
Total nonperforming loans	390			429			439			454			554
OREO	12			9			8			8			8
Nonperforming loans held for sale	17			25			20			24			35
Other nonperforming assets	—			—			—			3			2
Total nonperforming assets	$	419		$	463		$	467		$	489		$	599
Accruing loans past due 90 days or more	47			41			55			68			82
Accruing loans past due 30 through 89 days	187			137			122			165			164
Restructured loans — accruing and nonaccruing (a)	254			216			219			220			270
Restructured loans included in nonperforming loans (a)	134			94			98			99			146
Nonperforming assets from discontinued operations — education lending business	3			3			4			4			4
Nonperforming loans to period-end portfolio loans	.34		%	.38		%	.41		%	.45		%	.56		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.36			.41			.44			.48			.61

(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)
	3Q22		2Q22		1Q22		4Q21		3Q21
Balance at beginning of period	$	429	$	439	$	454	$	554	$	694
Loans placed on nonaccrual status	80		118		87		116		116
Charge-offs	(68)		(59)		(50)		(51)		(66)
Loans sold	(3)		(8)		—		(38)		(17)
Payments	(29)		(35)		(27)		(68)		(136)
Transfers to OREO	(1)		(2)		(1)		(1)		(1)
Loans returned to accrual status	(18)		(24)		(24)		(58)		(36)
Balance at end of period	$	390	$	429	$	439	$	454	$	554

KeyCorp Reports Third Quarter 2022 Profit     

October 20, 2022

Page 24

Line of Business Results
(Dollars in millions)
																Change 3Q22 vs.
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22		3Q21
Consumer Bank
Summary of operations
Total revenue (TE)	$	891		$	824		$	799		$	839		$	870		8.1	%	2.4	%
Provision for credit losses	37			8			43			14			(38)			362.5		197.4
Noninterest expense	667			676			663			613			591			(1.3)		12.9
Net income (loss) attributable to Key	142			107			71			161			241			32.7		(41.1)
Average loans and leases	42,568			40,827			38,654			37,841			39,854			4.3		6.8
Average deposits	90,044			91,273			91,516			90,385			89,278			(1.3)		.9
Net loan charge-offs	17			23			22			22			35			(26.1)		(51.4)
Net loan charge-offs to average total loans	.16		%	.23		%	.23		%	.23		%	.35		%	(30.4)		(54.3)
Nonperforming assets at period end	$	195		$	203		$	217		$	222		$	254		(3.9)		(23.2)
Return on average allocated equity	16.20		%	11.66		%	8.02		%	18.05		%	25.81		%	38.9		(37.2)
Commercial Bank
Summary of operations
Total revenue (TE)	$	889		$	842		$	808		$	1027		$	884		5.6	%	.6	%
Provision for credit losses	74			37			41			(12)			(69)			100.0		207.2
Noninterest expense	450			410			413			501			470			9.8		(4.3)
Net income (loss) attributable to Key	295			317			284			448			379			(6.9)		(22.2)
Average loans and leases	71,464			67,825			64,684			61,078			59,856			5.4		19.4
Average loans held for sale	1,036			1,016			1,323			1,962			1,190			2.0		(12.9)
Average deposits	52,272			54,846			57,241			59,423			56,401			(4.7)		(7.3)
Net loan charge-offs	27			21			11			—			(6)			28.6		N/M
Net loan charge-offs to average total loans	.15		%	.12		%	.07		%	—		%	(.04)		%	25.0		N/M
Nonperforming assets at period end	$	224		$	260		$	250		$	267		$	345		(13.8)		(35.1)
Return on average allocated equity	12.63		%	14.26		%	13.26		%	20.94		%	18.02		%	(11.4)		(29.9)

TE = Taxable Equivalent

EX-99.2

KeyCorp Third Quarter 2022 Earnings Review October 20, 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 44 of our Form 10-Q dated June 30, 2022. GAAP: Generally Accepted Accounting Principles 2

3Q22 Results 3  Revenue up +5% QoQ: driven by growth in net interest income and the net interest margin; reflects strong loan growth and positioning for higher rates  Loan growth: adding and deepening client relationships across the franchise with continued growth in both commercial and consumer  Noninterest income: continues to reflect the capital markets environment with more client activity moving on balance sheet  Expense management: expense levels reflect seasonal staffing and investments for the future of the business  Strong credit quality: net charge-offs to average loans of 15 bps; lower nonperforming loans  Committed to serving and supporting our clients through all market conditions  Continued growth in healthcare:  Growing relationships with significant healthcare providers  Growing Laurel Road relationships with nurses  Over 14K GradFin consultations post- acquisition  Implemented new client-friendly fee terms on 9/16/22: eliminated NSF fees and introduced Key Coverage Zone™ for overdraft fees(2) Financial Results Strategic Highlights PPNR = Pre-provision net revenue (1) Non-GAAP measure: see appendix for reconciliation; (2) Key Coverage ZoneTM: Client accounts overdrawn by $20 or less at the end of day will not be charged KeyBank overdraft fees 9% Increase in PPNR(1) vs. PQ 21% Return on average tangible common equity(1) Positive Operating Leverage vs. PY & PQ $.55 Earnings per diluted common share

Financial Review

EOP = End of Period; (1) Non-GAAP measure: see appendix for reconciliation; (2) 9/30/2022 ratios are estimated and reflect Key's election to adopt the CECL optional transition provision Financial Highlights 5 EPS – assuming dilution $ .55 $ .54 $ .65 1.9 % (15.4) % Cash efficiency ratio(1) 58.0 % 59.5 % 60.2 % (150) bps (220) bps Return on average tangible common equity(1) 21.2 20.9 18.6 30 260 Return on average total assets 1.14 1.16 1.41 (2) (27) Net interest margin 2.74 2.61 2.47 13 27 Common Equity Tier 1(2) 9.1 % 9.2 % 9.6 % (10) bps (50) bps Tier 1 risk-based capital(2) 10.6 10.4 10.9 20 (30) Tangible common equity to tangible assets(1) 4.3 5.3 7.0 (100) (270) NCOs to average loans .15 % .16 % .11 % (1) bps 4 bps NPLs to EOP portfolio loans .34 .38 .56 (4) (22) Allowance for credit losses to EOP loans 1.15 1.13 1.25 2 (10) Profitability Capital Asset Quality 3Q22 2Q22 3Q21 LQ Δ Y/Y Δ Continuing operations, unless otherwise noted

Total Average Loans 3Q21 2Q22 3Q22 Highlights Average Loan Detail 6 28% 31% 10.00% 20.00% 30.00% 40.00% $60 $70 $80 $90 $100 $110 $120 3Q21 4Q21 1Q22 2Q22 3Q22 PPP: $.3 C&I line utilization Total average loans PPP $ in billions 3Q21 2Q22 3Q22 PPP  Average loans up 14% from 3Q21 − Broad-based commercial growth, partially offset by a decline in PPP balances − Growth in consumer mortgage and Laurel Road, partially offset by the sale of Key’s indirect auto portfolio in 3Q21  Average loans up 5% from 2Q22 − Broad-based commercial growth − Growth in consumer mortgage ($1.9Bn originations) $.7  $.3Bn of average PPP loans in 3Q22  $.4Bn of PPP forgiveness in 3Q22 Loans Commercial Loans Consumer Loans $ in billions $4.3 $100 $114 $69 $75 $78 $.3 $31 $34 $36 (1) Loan variances exclude indirect auto balances of $2.7Bn in 3Q21 and PPP balances of $4.3Bn, $.7Bn, and $.3Bn in 3Q21, 2Q22, and 3Q22, respectively vs. Prior Year vs. Prior Quarter $4.3 PPP

(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; (3) Cumulative beta indexed to 4Q21 Deposits 7 $ in billions vs. Prior Quarter  Average deposit balances down 2% from 2Q22 − Lower non-operating commercial deposit balances − Lower retail deposit balances .04% .06% .25% -0.20% 0.05% 0.30% 0.55% $0 $30 $60 $90 $120 $150 3Q21 4Q21 1Q22 2Q22 3Q22 .16% 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 down 2% from 3Q21 − Decline in non-operating commercial deposit balances − Partially offset by growth in retail deposits  Strong and stable deposit base − 32% noninterest-bearing(1) − ~60% stable retail and low-cost escrow − 81% loan to deposit ratio(2)  Cumulative total interest-bearing deposit beta: 9%(3) $147 $ in billions 3Q22 Average Deposit Mix Average Deposits Highlights $83.1 $49.2 $4.1$7.9 $144 vs. Prior Year

Net Interest Income and Margin $ in millions, continuing operations vs. Prior Quarter TE = Taxable equivalent 2.47% 2.74% 2.0% 2.5% 3.0% 3.5% 4.0% $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 3Q21 4Q21 1Q22 2Q22 3Q22 Net Interest Income (TE) Net Interest Margin (TE)x NIM Change vs. Prior Quarter 2Q22: 2.61% Higher interest rates and loan growth .23 Interest-bearing deposit costs (.09) Paycheck Protection Program (PPP) (.01) Total change .13 3Q22: 2.74%  Net interest income up $178MM (+17%) from 3Q21 − 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 $99MM (+9%) from 2Q22 − Reflects higher interest rates and strong loan growth − Benefit from one additional day in the quarter − Partially offset by higher interest-bearing deposit costs Net Interest Income & Net Interest Margin Trend (TE) Highlights 8 vs. Prior Year $1,025 $1,203

Noninterest Income 9  Noninterest income down $114MM (-14%) from 3Q21 − Lower investment banking and debt placement fees (-$81MM) reflecting slowdown in capital markets activity − Lower cards and payments income (-$20MM) largely driven by lower prepaid card revenue, partially offset by core growth − Lower consumer mortgage income (-$19MM) driven by lower gain on sale margins − Strength in corporate services income (+$22MM) from higher derivatives income vs. Prior Quarter  Noninterest income relatively stable (-$5MM) from 2Q22 − Lower trust and investment services income (-$10MM) reflects decline in equity markets − Higher cards and payments income and investment banking and debt placement fees vs. Prior Year $ in millions up / (down) 3Q22 vs. 3Q21 vs. 2Q22 Trust and investment services income $ 127 $ (2) $ (10) Investment banking and debt placement fees 154 (81) 5 Service charges on deposit accounts 92 1 (4) Operating lease income and other leasing gains 19 (18) (9) Corporate services income 96 22 - Cards and payments income 91 (20) 6 Corporate-owned life insurance 33 - (2) Consumer mortgage income 14 (19) - Commercial mortgage servicing fees 44 10 (1) Other income 13 (7) 10 Total noninterest income $ 683 $ (114) $ (5) Noninterest Income Highlights

Noninterest Expense 10 vs. Prior Quarter vs. Prior Year$ in millions favorable / (unfavorable) 3Q22 vs. 3Q21 vs. 2Q22 Personnel $ 655 $ (15) $ (48) Net occupancy 72 2 6 Computer processing 77 (10) 1 Business services and professional fees 47 9 5 Equipment 23 2 3 Operating lease expense 24 6 3 Marketing 30 2 4 Other expense 178 10 (2) Total noninterest expense $ 1,106 $ 6 $ (28)  Noninterest expense relatively stable (-$6MM) from 3Q21 − Lower nonpersonnel expense (-$21MM) driven by broad- based declines across expense categories − Higher personnel expense (+$15MM) related to an increase in salaries and contract labor partially offset by lower incentive and stock-based compensation, including: − $10MM related to higher contract labor from technology initiatives − $8MM related to lower deferred salaries from slower loan originations  Noninterest expense up $28MM (+3%) from 2Q22 − Higher personnel expense (+$48MM) related to an increase in salaries and contract labor as well as higher incentive and stock-based compensation, including: − Seasonal staffing levels − $12MM related to the relative stock price change − $10MM related to lower deferred salaries from slower loan originations − Lower nonpersonnel expense (-$20MM) driven by broad- based declines across expense categories Noninterest Expense Highlights

NCO = Net charge-off NPL = Nonperforming Loans Credit Quality 11 $554 $390 .56% .00% .40% .80% 1.20% 1.60% 2.00% $0 $300 $600 $900 3Q21 4Q21 1Q22 2Q22 3Q22 NPLs NPLs to period-end loans $1,236 $1,337 223% 343% 100% 150% 200% 250% 300% 350% 400% $0 $500 $1,000 $1,500 $2,000 $2,500 3Q21 4Q21 1Q22 2Q22 3Q22 Allowance for credit losses to NPLsAllowance for credit losses 3Q22 allowance for credit losses to period-end loans of 1.15% Nonperforming Loans Allowance for Credit Losses (ACL) $ in millions $ in millions $43 $(107) $109 .11% .15% (1.00)% (.50)% .00% .50% ($150) ($50) $50 $150 3Q21 4Q21 1Q22 2Q22 3Q22 $29 NCOs Provision for credit losses NCOs to avg. loans Net Charge-offs & Provision for Credit Losses $ in millions .34%

(1) 9/30/22 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision Capital 12  Strong capital position: CET1 ratio 9.1%(1) at 9/30/2022 − Within targeted range of 9.0% - 9.5%  Declared quarterly common share dividend of $.195  Board of Directors approved extension of existing $790 million share repurchase authorization through 3Q23 9.6% 9.1% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 3Q21 4Q21 1Q22 2Q22 3Q22 Common Equity Tier 1(1) Highlights Capital Priorities Organic Growth Dividends Share Repurchases 1 2 3

4Q22 Outlook 4Q22 (vs. 3Q22) 13 Average Balance Sheet • Loans: up 2% - 4% • Deposits: up 1% - 3% Net Interest Income (TE) • Net interest income: up 4% - 6% Noninterest Income • Noninterest income: up 1% - 3% Noninterest Expense • Noninterest expense: up 1% - 3% Credit Quality • Net charge-offs to average loans: lower end of 15 – 25 bps range Taxes • GAAP tax rate: ~19% 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%

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: ~2.5% 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
13% in 3Q22)  Focused on relationships with owners and operators  Strategic focus in multifamily, primarily affordable housing Real Estate Public Sector Total Commercial Loans Commercial & Industrial (C&I) Commercial Real Estate (CRE) 15 $ in billions 9/30/22 % of total loans Commercial and industrial $ 56,971 49% Commercial real estate 18,749 16 Commercial lease financing 3,877 3 Total Commercial $ 79,597 68%

Consumer Loan Portfolio Detail Portfolio Highlights  Prime & super prime client base focused on relationships  Continuing to invest in digital to drive future growth 772 weighted average FICO at origination $504 $646 $820 $445 $194 3Q21 4Q21 1Q22 2Q22 3Q22 Origination Volume$ in millions $ in billions $3.7 $3.4 $2.6 $3.2 $1.9 3Q21 4Q21 1Q22 2Q22 3Q22 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 rising interest rates and the federal student loan payment holiday  Focused on prime/super-prime clients (weighted average FICO at origination: 762)  Investing in digital capabilities to improve efficiency and enhance client experience Total Consumer Loans Laurel Road Consumer Mortgage 16 $ in billions 9/30/22 % of total loans WA FICO at origination Consumer mortgage $ 20,838 18% 762 Home equity 7,926 7 807 Consumer direct 6,803 6 757 Credit card 977 1 793 Consumer indirect(1) 50 N/A N/A Total Consumer $ 36,594 32% 772

17 $ in billions 1.66% 1.85% 1.00% 1.50% 2.00% 2.50% 3.00% $0.0 $20.0 $40.0 $60.0 3Q21 4Q21 1Q22 2Q22 3Q22 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: 2.1%  Average balances reflects redeployment of cash into higher yielding securities − ~60% of 3Q22 reinvestment ($1.2Bn) designated as held-to-maturity  New investment opportunities at higher yields than runoff ‒ 3Q22 purchases ~4.4% 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 (~$1.6Bn per quarter in the near-term) ‒ Short-term Treasury/Agency portfolio consists of a laddered maturity profile with runoff beginning in 2023  Available for sale portfolio duration of 5.8 years at 9/30/2022 (duration including securities hedges) Average Total Investment Securities $ in billions Existing Portfolio Repricing Characteristics(2) Highlights (1) Yield is calculated on the basis of amortized cost; (2) 2022 cash flows represent 4Q22 and do not include 2022 results $50.2 $43.4 Investment Portfolio (2) $2.1 $5.9 $12.9 $- $5.0 $10.0 $15.0 2022 2023 2024

Balanced approach to managing interest rate risk provides declining rate protection while maintaining upside to higher rates (1) Loan and deposit statistics based on 9/30/2022 ending balances; (2) Non-zero loan floors Loan Composition Deposit Mix Prime 8% 1M LIBOR 18% 3M LIBOR 4% Other 13% SOFR 26% Fixed 31% Interest-bearing 68% Noninterest- bearing 32% 3Q 22 A/LM Swaps Debt Swaps $26.3Bn $10Bn $7.7Bn Floors(2)  Given macroeconomic and geopolitical uncertainty, the position exhibits a modest exposure to rate changes − Sensitive to the level of expected tightening while preparing for potential economic weakness  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% NII benefit for each 5% reduction in beta ‒ ~$9Bn in short-term Treasuries  Total hedge portfolio of ~$41Bn at 9/30/2022 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 − Higher allocation of bullet-like securities and mortgage collateral with lower prepayment risks and limited exposure to unamortized premiums 3Q22 Balance Sheet Highlights(1) Actively Managing Interest Rate Risk Position 18 Asset & Liability Management Positioning A/LM Fwd $3.9Bn $.4Bn Securities Hedges

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 .17% .16% .08% .04% .00% .10% .20% .30% .40% .50% 3Q21 4Q21 1Q22 2Q22 3Q22 3.3% 2.5% .0% 2.0% 4.0% 6.0% 3Q21 4Q21 1Q22 2Q22 3Q22 30 – 89 days delinquent 90+ days delinquent Metric(2) 3Q22 2Q22 1Q22 4Q21 3Q21 Delinquencies to EOP total loans: 30-89 days .16 % .12 % .11 % .16 % .17 % Delinquencies to EOP total loans: 90+ days .04 .04 .05 .07 .08 NPLs to EOP portfolio loans .34 .38 .41 .45 .56 NPAs to EOP portfolio loans + OREO + Other NPAs .36 .41 .44 .48 .61 Allowance for credit losses to period-end loans 1.15 1.13 1.19 1.20 1.25 Allowance for credit losses to NPLs 342.8 296.5 289.5 268.9 223.1

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 (%) 9/30/22 3Q22 3Q22 3Q22 9/30/22 9/30/22 9/30/22 9/30/22 Commercial and industrial(1) $ 56,971 $ 56,151 $ 36 .25% $ 169 $ 519 .91% 307.10% Commercial real estate: Commercial Mortgage 16,400 16,002 1 .02 34 168 1.02 494.12 Construction 2,349 2,306 - - - 22 .94 - Commercial lease financing(2) 3,877 3,892 (1) (.10) 2 30 .77 N/M Real estate – residential mortgage 20,838 20,256 - - 66 137 .66 207.58 Home equity 7,926 8,024 (1) (.05) 112 93 1.17 83.04 Consumer direct loans 6,803 6,766 4 .23 3 112 1.65 N/M Credit cards 977 969 5 2.05 3 61 6.24 N/M Consumer indirect loans 50 52 (1) (7.63) 1 2 4.00 200.00 Continuing total $ 116,191 $ 114,418 $ 43 .15% $ 390 $ 1,144 .98% 293.33% Discontinued operations 467 480 - - 3 22 4.72 733.33 Consolidated total $ 116,658 $ 114,898 $ 43 .15% $ 393 $ 1,166 1.00% 296.69% $ in millions (1) Loan balance includes $166 million of commercial credit card balances at September 30, 2022; (2) Commercial lease financing includes receivables held as collateral for a secured borrowing of $10 million at September 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 September 30, 2022, June 30, 2022, and September 30, 2021, intangible assets exclude $2 million, $2 million, and $3 million, respectively, of period-end purchased credit card receivables; (2) Net of capital surplus; (3) For the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables GAAP to Non-GAAP Reconciliation

22 GAAP to Non-GAAP Reconciliation $ in millions

EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
			9/30/2022		6/30/2022		9/30/2021
Assets
	Loans		$	116,191	$	112,390	$	98,609
	Loans held for sale		1,048		1,306		1,805
	Securities available for sale		40,000		42,437		40,594
	Held-to-maturity securities		8,163		8,186		8,423
	Trading account assets		1,068		809		902
	Short-term investments		4,896		2,456		19,608
	Other investments		1,272		969		607
		Total earning assets	172,638		168,553		170,548
	Allowance for loan and lease losses		(1,144)		(1,099)		(1,084)
	Cash and due from banks		717		678		763
	Premises and equipment		629		638		678
	Goodwill		2,752		2,752		2,673
	Other intangible assets		106		118		144
	Corporate-owned life insurance		4,351		4,343		4,312
	Accrued income and other assets		9,535		10,529		8,404
	Discontinued assets		467		496		597
		Total assets	$	190,051	$	187,008	$	187,035
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	84,168	$	83,628	$	87,242
		Savings deposits	7,860		7,934		7,259
		Certificates of deposit ($100,000 or more)	1,269		1,421		1,890
		Other time deposits	4,578		1,909		2,315
		Total interest-bearing deposits	97,875		94,892		98,706
		Noninterest-bearing deposits	46,980		50,973		53,225
		Total deposits	144,855		145,865		151,931
	Federal funds purchased and securities sold under repurchase agreements		4,224		3,234		228
	Bank notes and other short-term borrowings		4,576		2,809		767
	Accrued expense and other liabilities		4,849		4,056		3,434
	Long-term debt		18,257		16,617		13,165
		Total liabilities	176,761		172,581		169,525
Equity
	Preferred stock		2,500		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,257		6,241		6,141
	Retained earnings		15,450		15,118		14,133
	Treasury stock, at cost		(5,917)		(5,923)		(5,876)
	Accumulated other comprehensive income (loss)		(6,257)		(4,166)		(45)
		Key shareholders’ equity	13,290		14,427		17,510
	Noncontrolling interests		—		—		—
		Total equity	13,290		14,427		17,510
Total liabilities and equity			$	190,051	$	187,008	$	187,035
Common shares outstanding (000)			932,938		932,643		930,544

Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended						Nine months ended
			9/30/2022		6/30/2022		9/30/2021		9/30/2022		9/30/2021
Interest income
	Loans		$	1,134	$	923	$	882	$	2,894	$	2,659
	Loans held for sale		14		10		13		36		35
	Securities available for sale		196		188		135		557		398
	Held-to-maturity securities		55		48		43		149		133
	Trading account assets		8		7		4		21		14
	Short-term investments		32		13		9		49		20
	Other investments		5		4		1		11		5
		Total interest income	1,444		1,193		1,087		3,717		3,264
Interest expense
	Deposits		59		20		15		93		52
	Federal funds purchased and securities sold under repurchase agreements		19		6		—		25		—
	Bank notes and other short-term borrowings		24		9		2		36		6
	Long-term debt		146		61		54		256		168
		Total interest expense	248		96		71		410		226
Net interest income			1,196		1,097		1,016		3,307		3,038
Provision for credit losses			109		45		(107)		237		(422)
Net interest income after provision for credit losses			1,087		1,052		1,123		3,070		3,460
Noninterest income
	Trust and investment services income		127		137		129		400		395
	Investment banking and debt placement fees		154		149		235		466		614
	Service charges on deposit accounts		92		96		91		279		247
	Operating lease income and other leasing gains		19		28		37		79		111
	Corporate services income		96		96		74		283		212
	Cards and payments income		91		85		111		256		329
	Corporate-owned life insurance income		33		35		33		99		94
	Consumer mortgage income		14		14		33		49		106
	Commercial mortgage servicing fees		44		45		34		125		112
	Other income		13		3		20		11		65
		Total noninterest income	683		688		797		2,047		2,285
Noninterest expense
	Personnel		655		607		640		1,892		1,887
	Net occupancy		72		78		74		223		225
	Computer processing		77		78		67		232		211
	Business services and professional fees		47		52		56		152		157
	Equipment		23		26		25		72		75
	Operating lease expense		24		27		30		79		95
	Marketing		30		34		32		92		89
	Intangible asset amortization		—		—		—		—		—
	Other expense		178		176		188		512		520
		Total noninterest expense	1,106		1,078		1,112		3,254		3,259
Income (loss) from continuing operations before income taxes			664		662		808		1,863		2,486
	Income taxes		124		132		165		346		501
Income (loss) from continuing operations			540		530		643		1,517		1,985
	Income (loss) from discontinued operations, net of taxes		2		3		2		6		11
Net income (loss)			542		533		645		1,523		1,996
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	542	$	533	$	645	$	1,523	$	1,996
Income (loss) from continuing operations attributable to Key common shareholders			$	513	$	504	$	616	$	1,437	$	1,905
Net income (loss) attributable to Key common shareholders			515		507		618		1,443		1,916
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.55	$	.54	$	.65	$	1.55	$	1.99
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.55		.66		1.56		2
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.55	$	.54	$	.65	$	1.54	$	1.98
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.55		.54		$	.65	1.55		1.99
Cash dividends declared per common share			$	.195	$	.195	$	.185	$	.585	$	.555
Weighted-average common shares outstanding (000)			924,594		924,302		942,446		924,085		955,069
	Effect of common share options and other stock awards		7,861		7,506		10,077		8,679		9,712
Weighted-average common shares and potential common shares outstanding (000) (b)			932,455		931,808		952,523		932,764		964,781

(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	Oct. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 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