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): January 19, 2023

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 January 19, 2023, KeyCorp issued a press release announcing its financial results for the three- and twelve-month period ended December 31, 2022 (the “Press Release”), and posted on its website its fourth 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 January 19, 2023, announcing financial results for the three-month and twelve-month periods ended December 31, 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: January 19, 2023	/s/ Douglas M. Schosser
	By: Douglas M. Schosser
	Chief Accounting Officer

EX-99.1

KEYCORP REPORTS FOURTH QUARTER 2022 NET INCOME OF $356 MILLION,

OR $.38PER DILUTED COMMON SHARE

Results reflect provision for credit losses of $265 million, which exceeded net charge-offs by $224 million, or $.20 per share

Loan and deposit growth across commercial and consumer businesses

Solid credit quality with net charge-offs to average loans of 14 basis points

Annual positive operating leverage for the ninth time in the last ten years

    CLEVELAND, January 19, 2023 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $356 million, or $.38 per diluted common share for the fourth quarter of 2022. This compared to $513 million, or $.55 per diluted common share, for the third quarter of 2022 and $601 million, or $.64 per diluted common share, for the fourth quarter of 2021.

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 2

Selected Financial Highlights
Dollars in millions, except per share data										Change 4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Income (loss) from continuing operations attributable to Key common shareholders	$	356		$	513		$	601		(30.6)	%	(40.8)	%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	.38			.55			.64			(30.9)		(40.6)
Return on average tangible common equity from continuing operations (a)	18.07		%	21.19		%	18.69		%	N/A		N/A
Return on average total assets from continuing operations	.83			1.14			1.34			N/A		N/A
Common Equity Tier 1 ratio (b)	9.1			9.1			9.5			N/A		N/A
Book value at period end	$	11.79		$	11.62		$	16.76		1.5		(29.7)
Net interest margin (TE) from continuing operations	2.73		%	2.74		%	2.44		%	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)December 31, 2022 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Net interest income (TE)	$	1,227	$	1,203	$	1,038	2.0	%	18.2	%
Noninterest income	671		683		909		(1.8)		(26.2)
Total revenue	$	1,898	$	1,886	$	1,947	.6	%	(2.5)	%

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.2 billion for the fourth quarter of 2022 and the net interest margin was 2.73%. Compared to the fourth quarter of 2021, net interest income increased $189 million and the net interest margin increased by 29 basis points. Net interest income and net interest margin benefited from higher earning asset balances and higher interest rates. Net interest income and the net interest margin were negatively impacted by higher interest-bearing deposit costs and lower loan fees from the Paycheck Protection Program ("PPP").

Compared to the third quarter of 2022, taxable-equivalent net interest income increased by $24 million, while the net interest margin decreased by one basis point. Both net interest income and the net interest margin reflect the impact of strong loan growth and higher interest rates, offset by higher interest-bearing deposit costs, and a shift in funding mix.

Noninterest Income
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Trust and investment services income	$	126	$	127	$	135	(.8)	%	(6.7)	%
Investment banking and debt placement fees	172		154		323		11.7		(46.7)
Service charges on deposit accounts	71		92		90		(22.8)		(21.1)
Operating lease income and other leasing gains	24		19		37		26.3		(35.1)
Corporate services income	89		96		76		(7.3)		17.1
Cards and payments income	85		91		86		(6.6)		(1.2)
Corporate-owned life insurance income	33		33		34		—		(2.9)
Consumer mortgage income	9		14		25		(35.7)		(64.0)
Commercial mortgage servicing fees	42		44		48		(4.5)		(12.5)
Other income	20		13		55		53.8		(63.6)
Total noninterest income	$	671	$	683	$	909	(1.8)	%	(26.2)	%

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 3

Compared to the fourth quarter of 2021, noninterest income decreased by $238 million. The decrease was largely driven by investment banking and debt placement fees, down $151 million, reflecting a slowdown in capital markets activity. Other income decreased $35 million as a result of market-related gains in the year-ago period. Service charges on deposit accounts decreased $19 million, primarily reflecting a planned reduction in overdraft and non sufficient funds fees. The decline also reflected lower account analysis fees related to the interest rate environment. Additionally, consumer mortgage income decreased $16 million, reflecting lower saleable volume and gain on sale margins, while operating lease income decreased $13 million, reflecting a continued decline in operating lease balances. Trust and investment services income decreased $9 million, primarily reflecting the decline in the equity markets. Partially offsetting the decrease was an increase in corporate services income of $13 million, primarily reflecting higher derivatives income.

Compared to the third quarter of 2022, noninterest income decreased by $12 million. The decline was driven partly by service charges on deposit accounts, which decreased $21 million, primarily reflecting a planned reduction in overdraft and non sufficient funds fees. It was also driven by corporate services income, which decreased $7 million, primarily reflecting a valuation adjustment benefit in the prior quarter. Partially offsetting the decline was an increase in investment banking and debt placement fees of $18 million due to seasonality.

Noninterest Expense
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Personnel expense	$	674	$	655	$	674	2.9	%	—	%
Nonpersonnel expense	482		451		496		6.9		(2.8)
Total noninterest expense	$	1,156	$	1,106	$	1,170	4.5	%	(1.2)	%

    Key’s noninterest expense was $1.2 billion for the fourth quarter of 2022, a decrease of $14 million from the year-ago period. The decline was driven by a decrease of $14 million in nonpersonnel expense reflecting lower professional fees and operating lease expenses, down $10 million and $9 million, respectively. Personnel expense remained flat compared to the year-ago period, reflecting higher salaries and employee benefits, offset by lower incentive and stock based compensation.

    Compared to the third quarter of 2022, noninterest expense increased $50 million. The increase was primarily driven by nonpersonnel expense, which increased $31 million, reflecting a $17 million increase in other expense related primarily to a pension settlement charge and a $13 million increase in professional fees. Personnel expense was also up $19 million, reflecting lower deferred costs from slower loan originations.

BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Commercial and industrial (a)	$	58,212	$	56,151	$	49,510	3.7	%	17.6	%
Other commercial loans	22,720		22,200		19,743		2.3		15.1
Total consumer loans	36,770		36,067		30,144		1.9		22.0
Total loans	$	117,702	$	114,418	$	99,397	2.9	%	18.4	%

(a)Commercial and industrial average loan balances include $171 million, $162 million, and $141 million of assets from commercial credit cards at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

Average loans were $117.7 billion for the fourth quarter of 2022, an increase of $18.3 billion compared to the fourth quarter of 2021. Commercial loans increased by $11.7 billion, reflecting core commercial and industrial loan growth and an increase in commercial mortgage real estate loans, which mitigated the impact of a $2.2 billion decline in PPP balances. Consumer loans increased $6.6 billion, largely driven by Key's consumer mortgage business and student loan originations from Laurel Road.

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 4

Compared to the third quarter of 2022, average loans increased by $3.3 billion. Commercial loans increased $2.6 billion, reflecting growth in commercial and industrial loans and commercial mortgage real estate loans. Consumer loans increased $703 million, driven by Key's consumer mortgage business.

Average Deposits
Dollars in millions										Change 4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Non-time deposits	$	139,558		$	140,169		$	146,979		(.4)	%	(5.0)	%
Certificates of deposit ($100,000 or more)	1,351			1,347			1,793			.3		(24.7)
Other time deposits	4,757			2,713			2,233			75.3		113.0
Total deposits	$	145,666		$	144,229		$	151,005		1.0	%	(3.5)	%
Cost of total deposits	.51		%	.16		%	.04		%	N/A		N/A

N/A = Not Applicable

Average deposits totaled $145.7 billion for the fourth quarter of 2022, a decrease of $5.3 billion compared to the year-ago quarter. The decrease reflects declines in non-operating commercial deposit balances and retail balances.

Compared to the third quarter of 2022, average deposits increased by $1.4 billion, reflecting higher commercial balances, and a shift in mix from noninterest-bearing to interest-bearing balances, partly offset by declines in retail balances.

ASSET QUALITY
Dollars in millions										Change 4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Net loan charge-offs	$	41		$	43		$	19		(4.7)	%	115.8	%
Net loan charge-offs to average total loans	.14		%	.15		%	.08		%	N/A		N/A
Nonperforming loans at period end	$	387		$	390		$	454		(.8)		(14.8)
Nonperforming assets at period end	420			419			489			.2		(14.1)
Allowance for loan and lease losses	1,337			1,144			1,061			16.9		26.0
Allowance for credit losses	1,562			1,338			1,221			16.7		27.9
Provision for credit losses	265			109			4			143.1		N/M
Allowance for loan and lease losses to nonperforming loans	345		%	293		%	234		%	N/A		N/A
Allowance for credit losses to nonperforming loans	404			343			269			N/A		N/A

N/A = Not Applicable

Key's provision for credit losses was $265 million, compared to $4 million in the fourth quarter of 2021 and provision of $109 million in the third quarter of 2022. The increase from prior periods primarily reflects the change in the economic outlook as well as growth in loans.

    Net loan charge-offs for the fourth quarter of 2022 totaled $41 million, or 0.14% of average total loans. These results compare to $19 million, or 0.08%, for the fourth quarter of 2021 and $43 million, or 0.15%, for the third quarter of 2022. Key’s allowance for credit losses was $1.6 billion, or 1.31% of total period-end loans at December 31, 2022, compared to 1.20% at December 31, 2021, and 1.15% at September 30, 2022.

At December 31, 2022, Key’s nonperforming loans totaled $387 million, which represented 0.32% of period-end portfolio loans. These results compare to 0.45% at December 31, 2021, and 0.34% at September 30, 2022. Nonperforming assets at December 31, 2022, totaled $420 million, and represented 0.35% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.48% at December 31, 2021, and 0.36% at September 30, 2022.

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 5

CAPITAL

Key’s estimated risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at December 31, 2022.

Capital Ratios
	12/31/2022		9/30/2022		12/31/2021
Common Equity Tier 1 (a)	9.1	%	9.1	%	9.5	%
Tier 1 risk-based capital (a)	10.6		10.7		10.8
Total risk-based capital (a)	12.8		12.7		12.5
Tangible common equity to tangible assets (b)	4.4		4.3		6.9
Leverage (a)	8.9		8.9		8.5

(a)December 31, 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 fourth quarter of 2022. As shown in the preceding table, at December 31, 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 increased ten basis points to 4.4% at December 31, 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 4Q22 vs.
		4Q22	3Q22	4Q21	3Q22		4Q21
Shares outstanding at beginning of period		932,938	932,643	930,544	—	%	.3	%
Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans		(2)	(3)	(2,482)	(33.3)		(99.9)
Shares issued under employee compensation plans (net of cancellations)		389	298	788	30.5		(50.6)
	Shares outstanding at end of period	933,325	932,938	928,850	—	%	.5	%

    During the fourth quarter of 2022, Key declared a dividend of $.205 per common share, representing a 5% increase from the prior quarter. In the third quarter of 2022, 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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 6

Major Business Segments
Dollars in millions								Change 4Q22 vs.
		4Q22		3Q22		4Q21		3Q22		4Q21
Revenue from continuing operations (TE)
Consumer Bank		$	900	$	891	$	839	1.0	%	7.3	%
Commercial Bank		928		889		1,027		4.4		(9.6)
Other (a)		70		106		81		(34.0)		(13.6)
	Total	$	1,898	$	1,886	$	1,947	.6	%	(2.5)	%
Income (loss) from continuing operations attributable to Key
Consumer Bank		$	73	$	142	$	161	(48.6)	%	(54.7)	%
Commercial Bank		250		295		448		(15.3)		(44.2)
Other (a)		71		103		18		(31.1)		294.4
	Total	$	394	$	540	$	627	(27.0)	%	(37.2)	%

(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 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Summary of operations
Net interest income (TE)	$	674	$	632	$	570	6.6	%	18.2	%
Noninterest income	226		259		269		(12.7)		(16.0)
Total revenue (TE)	900		891		839		1.0		7.3
Provision for credit losses	105		37		14		183.8		650.0
Noninterest expense	699		667		613		4.8		14.0
Income (loss) before income taxes (TE)	96		187		212		(48.7)		(54.7)
Allocated income taxes (benefit) and TE adjustments	23		45		51		(48.9)		(54.9)
Net income (loss) attributable to Key	$	73	$	142	$	161	(48.6)	%	(54.7)	%
Average balances
Loans and leases	$	43,149	$	42,568	$	37,841	1.4	%	14.0	%
Total assets	46,214		45,638		41,072		1.3		12.5
Deposits	87,243		90,044		90,385		(3.1)		(3.5)
Assets under management at period end	$	51,282	$	47,846	$	55,806	7.2	%	(8.1)	%

TE = Taxable Equivalent

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 7

Additional Consumer Bank Data
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Noninterest income
Trust and investment services income	$	97	$	99	$	107	(2.0)	%	(9.3)	%
Service charges on deposit accounts	40		56		55		(28.6)		(27.3)
Cards and payments income	62		64		64		(3.1)		(3.1)
Consumer mortgage income	9		13		26		(30.8)		(65.4)
Other noninterest income	18		27		17		(33.3)		5.9
Total noninterest income	$	226	$	259	$	269	(12.7)	%	(16.0)	%
Average deposit balances
NOW and money market deposit accounts	$	54,650	$	56,696	$	57,242	(3.6)	%	(4.5)	%
Savings deposits	7,439		7,556		6,951		(1.5)		7.0
Certificates of deposit ($100,000 or more)	1,227		1,238		1,669		(.9)		(26.5)
Other time deposits	1,763		1,838		2,228		(4.1)		(20.9)
Noninterest-bearing deposits	22,164		22,716		22,295		(2.4)		(.6)
Total deposits	$	87,243	$	90,044	$	90,385	(3.1)	%	(3.5)	%
Other data
Branches	972		976		999
Automated teller machines	1,265		1,270		1,317

Consumer Bank Summary of Operations (4Q22 vs. 4Q21)

•Key's Consumer Bank recorded net income attributable to Key of $73 million for the fourth quarter of 2022, compared to $161 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $104 million, or 18.2%, compared to the fourth quarter of 2021, driven by higher earning assets and interest rates

•Average loans and leases increased $5.3 billion, or 14.0%, from the fourth quarter of 2021, driven by loan growth in consumer mortgage and Laurel Road, partly offset by a decline in home equity loans

•Average deposits decreased $3.1 billion, or 3.5%, from the fourth quarter of 2021, driven by lower retail deposits

•Provision for credit losses increased $91 million compared to the fourth quarter of 2021, due to an increase in the provision in the current quarter, reflecting the change in the economic outlook, as well as growth in the consumer loan portfolio

•Noninterest income decreased $43 million from the year-ago quarter, driven by lower consumer mortgage income, reflecting lower saleable volume and gain on sale margins, lower service charges on deposit accounts reflecting a planned reduction in overdraft and non sufficient funds fees, and a decline in trust and investment services, reflecting lower equity markets

•Noninterest expense increased $86 million, or 14.0%, from the year-ago quarter, primarily driven by continued investments in technology and cybersecurity capabilities

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 8

Commercial Bank
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Summary of operations
Net interest income (TE)	$	521	$	495	$	415	5.3	%	25.5	%
Noninterest income	407		394		612		3.3		(33.5)
Total revenue (TE)	928		889		1027		4.4		(9.6)
Provision for credit losses	165		74		(12)		123.0		N/M
Noninterest expense	460		450		501		2.2		(8.2)
Income (loss) before income taxes (TE)	303		365		538		(17.0)		(43.7)
Allocated income taxes and TE adjustments	53		70		90		(24.3)		(41.1)
Net income (loss) attributable to Key	$	250	$	295	$	448	(15.3)	%	(44.2)	%
Average balances
Loans and leases	$	74,100	$	71,464	$	61,078	3.7	%	21.3	%
Loans held for sale	1,377		1,036		1,962		32.9		(29.8)
Total assets	84,614		81,898		71,581		3.3		18.2
Deposits	54,385		52,272		59,423		4.0	%	(8.5)	%

TE = Taxable Equivalent

Additional Commercial Bank Data
Dollars in millions							Change 4Q22 vs.
	4Q22		3Q22		4Q21		3Q22		4Q21
Noninterest income
Trust and investment services income	$	30	$	29	$	29	3.4	%	3.4	%
Investment banking and debt placement fees	172		153		322		12.4		(46.6)
Operating lease income and other leasing gains	23		19		36		21.1		(36.1)
Corporate services income	81		89		68		(9.0)		19.1
Service charges on deposit accounts	30		36		34		(16.7)		(11.8)
Cards and payments income	19		19		26		—		(26.9)
Payments and services income	130		144		128		(9.7)		1.6
Commercial mortgage servicing fees	41		44		47		(6.8)		(12.8)
Other noninterest income	11		5		50		120.0		(78.0)
Total noninterest income	$	407	$	394	$	612	3.3	%	(33.5)	%

Commercial Bank Summary of Operations (4Q22 vs. 4Q21)

•Key's Commercial Bank recorded net income attributable to Key of $250 million for the fourth quarter of 2022 compared to $448 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $106 million, or 25.5%, compared to the fourth 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 $13.0 billion, or 21.3%, compared to the fourth quarter of 2021, due to growth in commercial and industrial loans and commercial mortgage real estate loans

•Average deposit balances decreased $5.0 billion compared to the fourth quarter of 2021, driven by a decline in non-operating deposits

•Provision for credit losses increased $177 million compared to the fourth quarter of 2021, due to an increase in the provision in the current quarter, primarily reflecting the change in the economic outlook, as well as growth in the commercial loan portfolio and a reserve release in the year-ago period as uncertainty caused by the pandemic subsided

•Noninterest income decreased $205 million from the year-ago quarter, primarily driven by lower investment banking and debt placement fees and market-related gains in the year-ago period, partially offset by an increase in corporate services income primarily reflecting higher derivatives income

•Noninterest expense decreased $41 million from the fourth quarter of 2021, primarily driven by lower incentive compensation and lower operating lease expense

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

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 $189.8 billion at December 31, 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 Fourth Quarter 2022 Profit     

January 19, 2023

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
Adrienne Atkinson	Beth Strauss
216.689.4030	216.471.2787
Adrienne.Atkinson@key.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 changes in the interest rate environment. 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 10:00 a.m. ET, on January 19, 2023. A replay of the call will be available through January 28, 2023.

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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 11

KeyCorp

Fourth 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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 12

Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			12/31/2022			9/30/2022			12/31/2021
Summary of operations
	Net interest income (TE)		$	1,227		$	1,203		$	1,038
	Noninterest income		671			683			909
		Total revenue (TE)	1,898			1,886			1,947
	Provision for credit losses		265			109			4
	Noninterest expense		1,156			1,106			1,170
	Income (loss) from continuing operations attributable to Key		394			540			627
	Income (loss) from discontinued operations, net of taxes		—			2			2
	Net income (loss) attributable to Key		394			542			629
	Income (loss) from continuing operations attributable to Key common shareholders		356			513			601
	Income (loss) from discontinued operations, net of taxes		—			2			2
	Net income (loss) attributable to Key common shareholders		356			515			603
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	.38		$	.55		$	.65
	Income (loss) from discontinued operations, net of taxes		—			—			—
	Net income (loss) attributable to Key common shareholders (a)		.38			.55			.65
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.38			.55			.64
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		.38			.55			.64
	Cash dividends declared		.205			.195			.195
	Book value at period end		11.79			11.62			16.76
	Tangible book value at period end		8.75			8.56			13.72
	Market price at period end		17.42			16.02			23.13
Performance ratios
	From continuing operations:
	Return on average total assets		.83		%	1.14		%	1.34		%
	Return on average common equity		13.24			16.33			15.31
	Return on average tangible common equity (b)		18.07			21.19			18.69
	Net interest margin (TE)		2.73			2.74			2.44
	Cash efficiency ratio (b)		60.3			58.0			59.4
	From consolidated operations:
	Return on average total assets		.82		%	1.14		%	1.35		%
	Return on average common equity		13.24			16.39			15.36
	Return on average tangible common equity (b)		18.07			21.28			18.75
	Net interest margin (TE)		2.73			2.73			2.44
	Loan to deposit (c)		84.7			81.3			68.9
Capital ratios at period end
	Key shareholders’ equity to assets		7.1		%	7.0		%	9.4		%
	Key common shareholders’ equity to assets		5.8			5.7			8.4
	Tangible common equity to tangible assets (b)		4.4			4.3			6.9
	Common Equity Tier 1 (d)		9.1			9.1			9.5
	Tier 1 risk-based capital (d)		10.6			10.7			10.8
	Total risk-based capital (d)		12.8			12.7			12.5
	Leverage (d)		8.9			8.9			8.5
Asset quality — from continuing operations
	Net loan charge-offs		$	41		$	43		$	19
	Net loan charge-offs to average loans		.14		%	.15		%	.08		%
	Allowance for loan and lease losses		$	1,337		$	1,144		$	1,061
	Allowance for credit losses		1,562			1,338			1,221
	Allowance for loan and lease losses to period-end loans		1.12		%	.98		%	1.04		%
	Allowance for credit losses to period-end loans		1.31			1.15			1.20
	Allowance for loan and lease losses to nonperforming loans		345			293			234
	Allowance for credit losses to nonperforming loans		404			343			269
	Nonperforming loans at period-end		$	387		$	390		$	454
	Nonperforming assets at period-end		420			419			489
	Nonperforming loans to period-end portfolio loans		.32		%	.34		%	.45		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.35			.36			.48
Trust assets
	Assets under management		$	51,282		$	47,846		$	55,806
Other data
	Average full-time equivalent employees		18,210			17,907			16,797
	Branches		972			976			999
	Taxable-equivalent adjustment		$	7		$	7		$	5

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 13

Financial Highlights (continued)
(Dollars in millions, except per share amounts)
		Twelve months ended
		12/31/2022			12/31/2021
Summary of operations
	Net interest income (TE)	$	4,554		$	4,098
	Noninterest income	2,718			3,194
	Total revenue (TE)	7,272			7,292
	Provision for credit losses	502			(418)
	Noninterest expense	4,410			4,429
	Income (loss) from continuing operations attributable to Key	1,911			2,612
	Income (loss) from discontinued operations, net of taxes	6			13
	Net income (loss) attributable to Key	1,917			2,625
	Income (loss) from continuing operations attributable to Key common shareholders	1,793			2,506
	Income (loss) from discontinued operations, net of taxes	6			13
	Net income (loss) attributable to Key common shareholders	1,799			2,519
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders	$	1.94		$	2.64
	Income (loss) from discontinued operations, net of taxes	.01			.01
	Net income (loss) attributable to Key common shareholders (a)	1.94			2.65
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	1.92			2.62
	Income (loss) from discontinued operations, net of taxes — assuming dilution	.01			.01
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)	1.93			2.63
	Cash dividends paid	.79			.75
Performance ratios
	From continuing operations:
	Return on average total assets	1.03		%	1.46		%
	Return on average common equity	14.21			15.90
	Return on average tangible common equity (b)	18.34			19.37
	Net interest margin (TE)	2.64			2.50
	Cash efficiency ratio (b)	60.0			59.9
	From consolidated operations:
	Return on average total assets	1.03		%	1.46		%
	Return on average common equity	14.26			15.98
	Return on average tangible common equity (b)	18.40			19.47
	Net interest margin (TE)	2.63			2.50
Asset quality — from continuing operations
	Net loan charge-offs	$	161		$	184
	Net loan charge-offs to average total loans	.14		%	.18		%
Other data
	Average full-time equivalent employees	17,660			16,974
Taxable-equivalent adjustment		$	27		$	27

(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)December 31, 2022, ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

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									Twelve months ended
	12/31/2022			9/30/2022			12/31/2021			12/31/2022			12/31/2021
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)	$	13,454		$	13,290		$	17,423
Less: Intangible assets (a)	2,844			2,856			2,820
Preferred Stock (b)	2,446			2,446			1,856
Tangible common equity (non-GAAP)	$	8,164		$	7,988		$	12,747
Total assets (GAAP)	$	189,813		$	190,051		$	186,346
Less: Intangible assets (a)	2,844			2,856			2,820
Tangible assets (non-GAAP)	$	186,969		$	187,195		$	183,526
Tangible common equity to tangible assets ratio (non-GAAP)	4.37		%	4.27		%	6.95		%
Pre-provision net revenue
Net interest income (GAAP)	$	1,220		$	1,196		$	1,033		$	4,527		$	4,071
Plus: Taxable-equivalent adjustment	7			7			5			27			27
Noninterest income	671			683			909			2,718			3,194
Less: Noninterest expense	1,156			1,106			1,170			4,410			4,429
Pre-provision net revenue from continuing operations (non-GAAP)	$	742		$	780		$	777		$	2,862		$	2,863
Average tangible common equity
Average Key shareholders' equity (GAAP)	$	13,168		$	14,614		$	17,471		$	14,730		$	17,665
Less: Intangible assets (average) (c)	2,851			2,863			2,814			2,839			2,829
Preferred stock (average)	2,500			2,148			1,900			2,114			1,900
Average tangible common equity (non-GAAP)	$	7,817		$	9,603		$	12,757		$	9,777		$	12,936
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	356		$	513		$	601		$	1,793		$	2,506
Average tangible common equity (non-GAAP)	7,817			9,603			12,757			9,777			12,936
Return on average tangible common equity from continuing operations (non-GAAP)	18.07		%	21.19		%	18.69		%	18.34		%	19.37		%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)	$	356		$	515		$	603		$	1,799		$	2,519
Average tangible common equity (non-GAAP)	7,817			9,603			12,757			9,777			12,936
Return on average tangible common equity consolidated (non-GAAP)	18.07		%	21.28		%	18.75		%	18.40		%	19.47		%

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January 19, 2023

Page 15

GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended									Twelve months ended
	12/31/2022			9/30/2022			12/31/2021			12/31/2022			12/31/2021
Cash efficiency ratio
Noninterest expense (GAAP)	$	1,156		$	1,106		$	1,170		$	4,410		$	4,429
Less: Intangible asset amortization	12			12			14			47			58
Adjusted noninterest expense (non-GAAP)	$	1,144		$	1,094		$	1,156		$	4,363		$	4,371
Net interest income (GAAP)	$	1,220		$	1,196		$	1,033		$	4,527		$	4,071
Plus: Taxable-equivalent adjustment	7			7			5			27			27
Noninterest income	671			683			909			2,718			3,194
Total taxable-equivalent revenue (non-GAAP)	$	1,898		$	1,886		$	1,947		$	7,272		$	7,292
Cash efficiency ratio (non-GAAP)	60.3		%	58.0		%	59.4		%	60.0		%	59.9		%

(a)For the three months ended December 31, 2022, September 30, 2022, and December 31, 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 December 31, 2022, September 30, 2022, and December 31, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables. For the twelve months ended December 31, 2022, and December 31, 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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 16

Consolidated Balance Sheets
(Dollars in millions)
			12/31/2022		9/30/2022		12/31/2021
Assets
	Loans		$	119,394	$	116,191	$	101,854
	Loans held for sale		963		1,048		2,729
	Securities available for sale		39,117		40,000		45,364
	Held-to-maturity securities		8,710		8,163		7,539
	Trading account assets		829		1,068		701
	Short-term investments		2,432		4,896		11,010
	Other investments		1,308		1,272		639
		Total earning assets	172,753		172,638		169,836
	Allowance for loan and lease losses		(1,337)		(1,144)		(1,061)
	Cash and due from banks		887		717		913
	Premises and equipment		636		629		681
	Goodwill		2,752		2,752		2,693
	Other intangible assets		94		106		130
	Corporate-owned life insurance		4,369		4,351		4,327
	Accrued income and other assets		9,223		9,535		8,265
	Discontinued assets		436		467		562
		Total assets	$	189,813	$	190,051	$	186,346
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	86,707	$	84,168	$	89,207
		Savings deposits	7,681		7,860		7,503
		Certificates of deposit ($100,000 or more)	1,708		1,269		1,705
		Other time deposits	5,665		4,578		2,153
		Total interest-bearing deposits	101,761		97,875		100,568
		Noninterest-bearing deposits	40,834		46,980		52,004
		Total deposits	142,595		144,855		152,572
	Federal funds purchased and securities sold under repurchase agreements		4,077		4,224		173
	Bank notes and other short-term borrowings		5,386		4,576		588
	Accrued expense and other liabilities		4,994		4,849		3,548
	Long-term debt		19,307		18,257		12,042
		Total liabilities	176,359		176,761		168,923
Equity
	Preferred stock		2,500		2,500		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,286		6,257		6,278
	Retained earnings		15,616		15,450		14,553
	Treasury stock, at cost		(5,910)		(5,917)		(5,979)
	Accumulated other comprehensive income (loss)		(6,295)		(6,257)		(586)
		Key shareholders’ equity	13,454		13,290		17,423
Total liabilities and equity			$	189,813	$	190,051	$	186,346
Common shares outstanding (000)			933,325		932,938		928,850

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January 19, 2023

Page 17

Consolidated Statements of Income
(Dollars in millions, except per share amounts)
			Three months ended						Twelve months ended
			12/31/2022		9/30/2022		12/31/2021		12/31/2022		12/31/2021
Interest income
	Loans		$	1,347	$	1,134	$	873	$	4,241	$	3,532
	Loans held for sale		20		14		15		56		50
	Securities available for sale		195		196		148		752		546
	Held-to-maturity securities		64		55		52		213		185
	Trading account assets		10		8		5		31		19
	Short-term investments		48		32		8		97		28
	Other investments		11		5		2		22		7
		Total interest income	1,695		1,444		1,103		5,412		4,367
Interest expense
	Deposits		186		59		15		279		67
	Federal funds purchased and securities sold under repurchase agreements		16		19		—		41		—
	Bank notes and other short-term borrowings		54		24		2		90		8
	Long-term debt		219		146		53		475		221
		Total interest expense	475		248		70		885		296
Net interest income			1,220		1,196		1,033		4,527		4,071
Provision for credit losses			265		109		4		502		(418)
Net interest income after provision for credit losses			955		1,087		1,029		4,025		4,489
Noninterest income
	Trust and investment services income		126		127		135		526		530
	Investment banking and debt placement fees		172		154		323		638		937
	Service charges on deposit accounts		71		92		90		350		337
	Operating lease income and other leasing gains		24		19		37		103		148
	Corporate services income		89		96		76		372		288
	Cards and payments income		85		91		86		341		415
	Corporate-owned life insurance income		33		33		34		132		128
	Consumer mortgage income		9		14		25		58		131
	Commercial mortgage servicing fees		42		44		48		167		160
	Other income		20		13		55		31		120
		Total noninterest income	671		683		909		2,718		3,194
Noninterest expense
	Personnel		674		655		674		2,566		2,561
	Net occupancy		72		72		75		295		300
	Computer processing		82		77		73		314		284
	Business services and professional fees		60		47		70		212		227
	Equipment		20		23		25		92		100
	Operating lease expense		22		24		31		101		126
	Marketing		31		30		37		123		126
	Other expense		195		178		185		707		705
		Total noninterest expense	1,156		1,106		1,170		4,410		4,429
Income (loss) from continuing operations before income taxes			470		664		768		2,333		3,254
	Income taxes		76		124		141		422		642
Income (loss) from continuing operations			394		540		627		1,911		2,612
	Income (loss) from discontinued operations, net of taxes		—		2		2		6		13
Net income (loss)			394		542		629		1,917		2,625
Net income (loss) attributable to Key			$	394	$	542	$	629	$	1,917	2,625
Income (loss) from continuing operations attributable to Key common shareholders			$	356	$	513	$	601	$	1,793	$	2506
Net income (loss) attributable to Key common shareholders			356		515		603		1,799		2519
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.38	$	.55	$	.65	$	1.94	$	2.64
Income (loss) from discontinued operations, net of taxes			—		—		—		0.01		.01
Net income (loss) attributable to Key common shareholders (a)			.38		.55		.65		1.94		2.65
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.38	$	.55	$	.64	$	1.92	$	2.62
Income (loss) from discontinued operations, net of taxes			—		—		—		0.01		.01
Net income (loss) attributable to Key common shareholders (a)			.38		.55		.64		1.93		2.63
Cash dividends declared per common share			$	.205	$	.195	$	.195	$	.790	$	.750
Weighted-average common shares outstanding (000)			924,974		924,594		922,970		924,363		947,065
	Effect of common share options and other stock awards		8,750		7,861		11,758		8,696		10,349
Weighted-average common shares and potential common shares outstanding (000) (b)			933,724		932,455		934,729		933,059		957,414

(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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 18

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Fourth Quarter 2022						Third Quarter 2022						Fourth 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)	$	58,212	$	712	4.85	%	$	56,151	$	578	4.09	%	$	49,510	$	447	3.58	%
	Real estate — commercial mortgage	16,445		208		5.01		16,002		168		4.18		13,671		121		3.51
	Real estate — construction	2,450		35		5.70		2,306		27		4.58		2,119		19		3.50
	Commercial lease financing	3,825		26		2.71		3,892		25		2.58		3,953		26		2.57
	Total commercial loans	80,932		981		4.81		78,351		798		4.05		69,253		613		3.51
	Real estate — residential mortgage	21,128		164		3.11		20,256		152		3.00		15,017		102		2.72
	Home equity loans	7,890		103		5.18		8,024		91		4.51		8,603		79		3.64
	Consumer direct loans	6,713		75		4.45		6,766		72		4.25		5,509		60		4.33
	Credit cards	993		31		12.61		969		28		11.63		941		24		10.13
	Consumer indirect loans	46		—		—		52		—		—		74		—		—
	Total consumer loans	36,770		373		4.05		36,067		343		3.80		30,144		265		3.49
	Total loans	117,702		1,354		4.57		114,418		1,141		3.97		99,397		878		3.50
	Loans held for sale	1,421		20		5.63		1,102		14		5.22		2,202		15		2.83
	Securities available for sale (b), (e)	39,149		195		1.70		42,271		196		1.69		42,329		148		1.39
	Held-to-maturity securities (b)	8,278		64		3.07		7,933		55		2.79		7,991		52		2.61
	Trading account assets	863		10		4.57		841		8		3.65		853		5		2.48
	Short-term investments	3,159		48		6.02		3,043		32		4.13		15,505		8		.20
	Other investments (e)	1,294		11		3.15		1054		5		1.78		634		2		1.15
	Total earning assets	171,866		1,702		3.79		170,662		1,451		3.30		168,911		1,108		2.60
	Allowance for loan and lease losses	(1,145)						(1,099)						(1,081)
	Accrued income and other assets	18,421						18,629						17,133
	Discontinued assets	447						478						574
	Total assets	$	189,589					$	188,670					$	185,537
Liabilities
	NOW and money market deposit accounts	$	85,798	$	154	.71	%	$	83,050	$	50	.24	%	$	88,110	$	11	.05	%
	Savings deposits	7,795		1		.03		7,904		—		.01		7,375		—		.01
	Certificates of deposit ($100,000 or more)	1,351		3		.93		1,347		2		.47		1,793		2		.53
	Other time deposits	4,757		28		2.33		2,713		7		.97		2,233		2		.21
	Total interest-bearing deposits	99,701		186		.74		95,014		59		.25		99,511		15		.06
	Federal funds purchased and securities sold under repurchase agreements	1,752		16		3.52		3,562		19		2.10		230		—		.02
	Bank notes and other short-term borrowings	5,420		54		3.94		3,725		24		2.53		789		2		1.45
	Long-term debt (f), (g)	18,351		219		4.77		17,704		146		3.32		12,159		53		1.74
	Total interest-bearing liabilities	125,224		475		1.50		120,005		248		.82		112,689		70		.25
	Noninterest-bearing deposits	45,965						49,215						51,494
	Accrued expense and other liabilities	4,785						4,358						3,309
	Discontinued liabilities (g)	447						478						574
	Total liabilities	$	176,421					$	174,056					$	168,066
Equity
	Key shareholders’ equity	$	13,168					$	14,614					$	17,471
	Noncontrolling interests	—						—						—
	Total equity	13,168						14,614						17,471
	Total liabilities and equity	$	189,589					$	188,670					$	185,537
Interest rate spread (TE)						2.28	%					2.48	%					2.36	%
Net interest income (TE) and net interest margin (TE)				$	1,227	2.73	%			$	1,203	2.74	%			$	1,038	2.44	%
TE adjustment (b)				7						7						5
	Net interest income, GAAP basis			$	1,220					$	1,196					$	1,033

(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 December 31, 2022, September 30, 2022, and December 31, 2021.

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

(d)Commercial and industrial average balances include $171 million, $162 million, and $141 million of assets from commercial credit cards for the three months ended December 31, 2022, September 30, 2022, and December 31, 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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Twelve months ended December 31, 2022						Twelve months ended December 31, 2021
		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	54,970	$	2,148	3.91	%	$	50,931	$	1,795	3.52	%
	Real estate — commercial mortgage	15,572		633		4.07		13,118		472		3.60
	Real estate — construction	2,229		99		4.44		2,113		77		3.61
	Commercial lease financing	3,869		98		2.54		4,019		114		2.84
	Total commercial loans	76,640		2,978		3.89		70,181		2,458		3.50
	Real estate — residential mortgage	19,036		559		2.94		12,252		348		2.84
	Home equity loans	8,115		347		4.28		8,967		336		3.74
	Consumer direct loans	6,490		277		4.27		5,105		233		4.56
	Credit cards	959		107		11.23		925		94		10.11
	Consumer indirect loans	62		—		—		2,839		90		3.19
	Total consumer loans	34,662		1,290		3.72		30,088		1,101		3.66
	Total loans	111,302		4,268		3.84		100,269		3,559		3.55
	Loans held for sale	1,278		56		4.41		1,700		50		2.96
	Securities available for sale (b), (e)	42,325		752		1.62		35,765		546		1.53
	Held-to-maturity securities (b)	7,676		213		2.77		7,035		185		2.63
	Trading account assets	850		31		3.61		820		19		2.35
	Short-term investments	4,264		97		2.28		17,529		28		.16
	Other investments (e)	952		22		2.26		621		7		1.14
	Total earning assets	168,647		5,439		3.15		163,739		4,394		2.69
	Allowance for loan and lease losses	(1,101)						(1,340)
	Accrued income and other assets	18,340						16,520
	Discontinued assets	492						632
	Total assets	$	186,378					$	179,551
Liabilities
	NOW and money market deposit accounts	$	85,673	$	234	.27	%	$	84,736	$	41	.05	%
	Savings deposits	7,798		1		.01		6,893		1		.02
	Certificates of deposit ($100,000 or more)	1,455		8		.56		2,135		16		.72
	Other time deposits	2,892		36		1.25		2,540		9		.37
	Total interest-bearing deposits	97,818		279		.29		96,304		67		.07
	Federal funds purchased and securities sold under repurchase agreements	2,107		41		1.93		239		—		.02
	Bank notes and other short-term borrowings	2,963		90		3.02		770		8		1.08
	Long-term debt (f), (g)	14,915		475		3.19		12,391		221		1.79
	Total interest-bearing liabilities	117,803		885		.75		109,704		296		.27
	Noninterest-bearing deposits	49,044						48,731
	Accrued expense and other liabilities	4,309						2,819
	Discontinued liabilities (g)	492						632
	Total liabilities	$	171,648					$	161,886
Equity
	Key shareholders’ equity	$	14,730					$	17,665
	Noncontrolling interests	—						—
	Total equity	14,730						17,665
	Total liabilities and equity	$	186,378					$	179,551
Interest rate spread (TE)						2.40	%					2.42	%
Net interest income (TE) and net interest margin (TE)				$	4,554	2.64	%			$	4,098	2.50	%
TE adjustment (b)				27						27
	Net interest income, GAAP basis			$	4,527					$	4,071

(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 twelve months ended December 31, 2022, and December 31, 2021.

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

(d)Commercial and industrial average balances include $157 million and $134 million of assets from commercial credit cards for the twelve months ended December 31, 2022, and December 31, 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 Fourth Quarter 2022 Profit     

January 19, 2023

Page 20

Noninterest Expense
(Dollars in millions)
	Three months ended						Twelve months ended
	12/31/2022		9/30/2022		12/31/2021		12/31/2022		12/31/2021
Personnel (a)	$	674	$	655	$	674	$	2,566	$	2,561
Net occupancy	72		72		75		295		300
Computer processing	82		77		73		314		284
Business services and professional fees	60		47		70		212		227
Equipment	20		23		25		92		100
Operating lease expense	22		24		31		101		126
Marketing	31		30		37		123		126
Other expense	195		178		185		707		705
Total noninterest expense	$	1,156	$	1,106	$	1,170	$	4,410	$	4,429
Average full-time equivalent employees (b)	18,210		17,907		16,797		17,660		16,974

(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						Twelve months ended
	12/31/2022		9/30/2022		12/31/2021		12/31/2022		12/31/2021
Salaries and contract labor	$	407	$	388	$	342	$	1,500	$	1,311
Incentive and stock-based compensation	171		176		243		693		861
Employee benefits	94		89		89		363		388
Severance	2		2		—		10		1
Total personnel expense	$	674	$	655	$	674	$	2,566	$	2,561

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 21

Loan Composition
(Dollars in millions)
							Change 12/31/2022 vs.
	12/31/2022		9/30/2022		12/31/2021		9/30/2022		12/31/2021
Commercial and industrial (a)	$	59,647	$	56,971	$	50,525	4.7	%	18.1	%
Commercial real estate:
Commercial mortgage	16,352		16,400		14,244		(.3)		14.8
Construction	2,530		2,349		1,996		7.7		26.8
Total commercial real estate loans	18,882		18,749		16,240		.7		16.3
Commercial lease financing (b)	3,936		3,877		4,071		1.5		(3.3)
Total commercial loans	82,465		79,597		70,836		3.6		16.4
Residential — prime loans:
Real estate — residential mortgage	21,401		20,838		15,756		2.7		35.8
Home equity loans	7,951		7,926		8,467		.3		(6.1)
Total residential — prime loans	29,352		28,764		24,223		2.0		21.2
Consumer direct loans	6,508		6,803		5,753		(4.3)		13.1
Credit cards	1,026		977		972		5.0		5.6
Consumer indirect loans	43		50		70		(14.0)		(38.6)
Total consumer loans	36,929		36,594		31,018		.9		19.1
Total loans (c), (d)	$	119,394	$	116,191	$	101,854	2.8	%	17.2	%

(a)Loan balances include $172 million, $166 million, and $139 million of commercial credit card balances at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $8 million, $10 million, and $16 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $434 million at December 31, 2022, $467 million at September 30, 2022, and $567 million at December 31, 2021, related to the discontinued operations of the education lending business.

(d)Accrued interest of $417 million, $274 million, and $198 million at December 31, 2022, September 30, 2022, and December 31, 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 12/31/2022 vs.
	12/31/2022		9/30/2022		12/31/2021		9/30/2022		12/31/2021
Commercial and industrial	$	477	$	292	$	1,438	63.4	%	(66.8)	%
Real estate — commercial mortgage	427		693		1,010		(38.4)		(57.7)
Commercial lease financing	35		2		—		N/M		N/M
Real estate — residential mortgage	24		61		281		(60.7)		(91.5)
Total loans held for sale	$	963	$	1,048	$	2,729	(8.1)	%	(64.7)	%

N/M = Not Meaningful

Summary of Changes in Loans Held for Sale
(Dollars in millions)
	4Q22		3Q22		2Q22		1Q22		4Q21
Balance at beginning of period	$	1,048	$	1,306	$	1,170	$	2,729	$	1,805
New originations	3,158		2,157		2,837		2,724		5,704
Transfers from (to) held to maturity, net	(48)		—		(57)		—		(1)
Loan sales	(3,124)		(2,446)		(2,506)		(4,269)		(4,742)
Loan draws (payments), net	(71)		26		(133)		(12)		(12)
Valuation and other adjustments	—		5		(5)		(2)		(25)
Balance at end of period	$	963	$	1,048	$	1,306	$	1,170	$	2,729

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 22

Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
	Three months ended									Twelve months ended
	12/31/2022			9/30/2022			12/31/2021			12/31/2022			12/31/2021
Average loans outstanding	$	117,702		$	114,418		$	99,397		$	111,302		$	100,269
Allowance for loan and lease losses at the beginning of the period	1,144			1,099			1,084			1,061			1,626
Loans charged off:
Commercial and industrial	35			49			33			153			174
Real estate — commercial mortgage	13			3			1			23			40
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	13			3			1			23			40
Commercial lease financing	—			—			1			2			6
Total commercial loans	48			52			35			178			220
Real estate — residential mortgage	—			1			(1)			(2)			(2)
Home equity loans	—			—			2			1			9
Consumer direct loans	9			8			7			34			29
Credit cards	8			7			6			30			27
Consumer indirect loans	2			—			1			4			39
Total consumer loans	19			16			15			67			102
Total loans charged off	67			68			50			245			322
Recoveries:
Commercial and industrial	18			13			23			50			83
Real estate — commercial mortgage	1			2			1			5			9
Real estate — construction	—			—			—			1			—
Total commercial real estate loans	1			2			1			6			9
Commercial lease financing	2			1			—			4			7
Total commercial loans	21			16			24			60			99
Real estate — residential mortgage	3			1			1			5			3
Home equity loans	—			1			1			3			5
Consumer direct loans	1			4			2			8			8
Credit cards	1			2			2			6			8
Consumer indirect loans	—			1			1			2			15
Total consumer loans	5			9			7			24			39
Total recoveries	26			25			31			84			138
Net loan charge-offs	(41)			(43)			(19)			(161)			(184)
Provision (credit) for loan and lease losses	234			88			(4)			437			(381)
Allowance for loan and lease losses at end of period	$	1,337		$	1,144		$	1,061		$	1,337		$	1,061
Liability for credit losses on lending-related commitments at beginning of period	194			173			152			160			197
Provision (credit) for losses on lending-related commitments	31			21			8			65			(37)
Liability for credit losses on lending-related commitments at end of period (a)	$	225		$	194		$	160		$	225		$	160
Total allowance for credit losses at end of period	$	1,562		$	1,338		$	1,221		$	1,562		$	1,221
Net loan charge-offs to average total loans	.14		%	.15		%	.08		%	.14		%	.18		%
Allowance for loan and lease losses to period-end loans	1.12			.98			1.04			1.12			1.04
Allowance for credit losses to period-end loans	1.31			1.15			1.20			1.31			1.20
Allowance for loan and lease losses to nonperforming loans	345			293			234			345			234
Allowance for credit losses to nonperforming loans	404			343			269			404			269
Discontinued operations — education lending business:
Loans charged off	$	2		$	1		$	1		$	6		$	4
Recoveries	—			1			—			2			2
Net loan charge-offs	$	(2)		$	—		$	(1)		$	(4)		$	(2)

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

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 23

Asset Quality Statistics From Continuing Operations
(Dollars in millions)
	4Q22			3Q22			2Q22			1Q22			4Q21
Net loan charge-offs	$	41		$	43		$	44		$	33		$	19
Net loan charge-offs to average total loans	.14		%	.15		%	.16		%	.13		%	.08		%
Allowance for loan and lease losses	$	1,337		$	1,144		$	1,099		$	1,105		$	1,061
Allowance for credit losses (a)	1,562			1,338			1,272			1,271			1,221
Allowance for loan and lease losses to period-end loans	1.12		%	.98		%	.98		%	1.04		%	1.04		%
Allowance for credit losses to period-end loans	1.31			1.15			1.13			1.19			1.20
Allowance for loan and lease losses to nonperforming loans	345			293			256			252			234
Allowance for credit losses to nonperforming loans	404			343			297			290			269
Nonperforming loans at period end	$	387		$	390		$	429		$	439		$	454
Nonperforming assets at period end	420			419			463			467			489
Nonperforming loans to period-end portfolio loans	.32		%	.34		%	.38		%	.41		%	.45		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.35			.36			.41			.44			.48

(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)
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Commercial and industrial	$	174		$	169		$	197		$	186		$	191
Real estate — commercial mortgage	21			34			35			40			44
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	21			34			35			40			44
Commercial lease financing	1			2			2			3			4
Total commercial loans	196			205			234			229			239
Real estate — residential mortgage	77			66			67			73			72
Home equity loans	107			112			120			129			135
Consumer direct loans	3			3			3			4			4
Credit cards	3			3			3			3			3
Consumer indirect loans	1			1			2			1			1
Total consumer loans	191			185			195			210			215
Total nonperforming loans	387			390			429			439			454
OREO	13			12			9			8			8
Nonperforming loans held for sale	20			17			25			20			24
Other nonperforming assets	—			—			—			—			3
Total nonperforming assets	$	420		$	419		$	463		$	467		$	489
Accruing loans past due 90 days or more	60			47			41			55			68
Accruing loans past due 30 through 89 days	180			187			137			122			165
Restructured loans — accruing and nonaccruing (a)	236			254			216			219			220
Restructured loans included in nonperforming loans (a)	118			134			94			98			99
Nonperforming assets from discontinued operations — education lending business	3			3			3			4			4
Nonperforming loans to period-end portfolio loans	.32		%	.34		%	.38		%	.41		%	.45		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.35			.36			.41			.44			.48

(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)
	4Q22		3Q22		2Q22		1Q22		4Q21
Balance at beginning of period	$	390	$	429	$	439	$	454	$	554
Loans placed on nonaccrual status	113		80		118		87		116
Charge-offs	(67)		(68)		(59)		(50)		(51)
Loans sold	(4)		(3)		(8)		—		(38)
Payments	(22)		(29)		(35)		(27)		(68)
Transfers to OREO	(1)		(1)		(2)		(1)		(1)
Loans returned to accrual status	(22)		(18)		(24)		(24)		(58)
Balance at end of period	$	387	$	390	$	429	$	439	$	454

KeyCorp Reports Fourth Quarter 2022 Profit     

January 19, 2023

Page 24

Line of Business Results
(Dollars in millions)
																Change 4Q22 vs.
	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22		4Q21
Consumer Bank
Summary of operations
Total revenue (TE)	$	900		$	891		$	824		$	799		$	839		1.0	%	7.3	%
Provision for credit losses	105			37			8			43			14			183.8		650.0
Noninterest expense	699			667			676			663			613			4.8		14.0
Net income (loss) attributable to Key	73			142			107			71			161			(48.6)		(54.7)
Average loans and leases	43,149			42,568			40,827			38,654			37,841			1.4		14.0
Average deposits	87,243			90,044			91,273			91,516			90,385			(3.1)		(3.5)
Net loan charge-offs	21			17			23			22			22			23.5		(4.5)
Net loan charge-offs to average total loans	.19		%	.16		%	.23		%	.23		%	.23		%	18.8		(17.4)
Nonperforming assets at period end	$	202		$	195		$	203		$	217		$	222		3.6		(9.0)
Return on average allocated equity	8.66		%	16.20		%	11.66		%	8.02		%	18.05		%	(46.5)		(52.0)
Commercial Bank
Summary of operations
Total revenue (TE)	$	928		$	889		$	842		$	808		$	1027		4.4	%	(9.6)	%
Provision for credit losses	165			74			37			41			(12)			123.0		N/M
Noninterest expense	460			450			410			413			501			2.2		(8.2)
Net income (loss) attributable to Key	250			295			317			284			448			(15.3)		(44.2)
Average loans and leases	74,100			71,464			67,825			64,684			61,078			3.7		21.3
Average loans held for sale	1,377			1,036			1,016			1,323			1,962			32.9		(29.8)
Average deposits	54,385			52,272			54,846			57,241			59,423			4.0		(8.5)
Net loan charge-offs	25			27			21			11			—			(7.4)		N/M
Net loan charge-offs to average total loans	.13		%	.15		%	.12		%	.07		%	—		%	(13.3)		N/M
Nonperforming assets at period end	$	218		$	224		$	260		$	250		$	267		(2.7)		(18.4)
Return on average allocated equity	10.40		%	12.63		%	14.26		%	13.26		%	20.94		%	(17.7)		(50.3)

TE = Taxable Equivalent

EX-99.2

KeyCorp Fourth Quarter 2022 Earnings Review January 19, 2023 Don Kimble Vice Chairman and Chief Financial Officer Chris Gorman Chairman and Chief Executive Officer Clark Khayat Executive Vice President and Chief Strategy 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 46 of our Form 10-Q dated September 30, 2022. GAAP: Generally Accepted Accounting Principles 2

2022 Results and Outlook 3 ✓ Grew and expanded client relationships ▪ Focused on targeted client segments ▪ Supported clients; record capital raised ✓ Positioned balance sheet for rate environment ▪ Upside to higher rates: short duration of swaps and Treasuries ✓ Invested in targeted growth opportunities ▪ Laurel Road expansion, GradFin acquisition, and new Embedded Banking capabilities ✓ Maintained strong credit quality ▪ Historically low NCO levels 2022 Results (1) Non-GAAP measure: see appendix for reconciliation 18% Return on average tangible common equity(1) Positive Operating Leverage vs. FY2021 Outlook and Priorities 14 bps FY22 NCOs to average loans ✓ Executing on our differentiated business model with targeted growth opportunities ▪ Focus on targeted growth opportunities ▪ Supporting clients: on and off-balance sheet solutions ✓ Positioning balance sheet for rate environment ▪ Positioned for NII growth in 2023 and 2024 ✓ Focusing on expenses in order to create capacity for targeted investments ▪ Investing in teammates, digital, and niche businesses ✓ Maintaining strong credit quality ▪ Positioned to outperform through the cycle

Financial Review

EOP = End of Period; (1) Non-GAAP measure: see appendix for reconciliation; (2) 12/31/2022 ratios are estimated and reflect Key's election to adopt the CECL optional transition provision Financial Highlights 5 EPS – assuming dilution $ .38 $ .55 $ .64 (30.9) % (40.6) % Cash efficiency ratio(1) 60.3 % 58.0 % 59.4 % 230 bps 90 bps Return on average tangible common equity(1) 18.1 21.2 18.7 (310) (60) Return on average total assets .83 1.14 1.34 (31) (51) Net interest margin 2.73 2.74 2.44 (1) 29 Common Equity Tier 1(2) 9.1 % 9.1 % 9.5 % -- bps (40) bps Tier 1 risk-based capital(2) 10.6 10.7 10.8 (10) (20) Tangible common equity to tangible assets(1) 4.4 4.3 6.9 10 (250) NCOs to average loans .14 % .15 % .08 % (1) bps 6 bps NPLs to EOP portfolio loans .32 .34 .45 (2) (13) Allowance for credit losses to EOP loans 1.31 1.15 1.20 16 11 Profitability Capital Asset Quality 4Q22 3Q22 4Q21 LQ Δ Y/Y Δ Continuing operations, unless otherwise noted

Total Average Loans 4Q21 3Q22 4Q22 Highlights Average Loan Detail 6 29% 32% 10.00% 20.00% 30.00% 40.00% $60 $70 $80 $90 $100 $110 $120 4Q21 1Q22 2Q22 3Q22 4Q22 C&I line utilization Total average loans PPP $ in billions 4Q21 3Q22 4Q22 ▪ Average loans up 18% from 4Q21 − Growth in C&I and commercial mortgage real estate loans, partially offset by a decline in PPP balances − Growth in consumer mortgage and Laurel Road loans, partially offset by a decline in home equity loans ▪ Average loans up 3% from 3Q22 − Growth in C&I and commercial mortgage real estate loans − Consumer loans increased reflecting growth in consumer mortgage ($990MM originations) Loans Commercial Loans Consumer Loans $ in billions $2.3 $99.4 $117.7 $69 $78 $81 $30 $36 $37 vs. Prior Year vs. Prior Quarter PPP: $2.3 PPP

(1) Based on average 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 up 1% from 3Q22 − Increase reflects higher commercial deposit balances for tax payments next quarter and a shift in deposit mix from noninterest-bearing to interest-bearing deposit balances − Partly offset by a decline in retail balances CDs and other time deposits Savings Noninterest-bearing NOW and MMDA ▪ Average deposits down 4% from 4Q21 − Declines in commercial non-operating deposit account balances and retail deposit balances ▪ Strong and stable deposit base − 32% noninterest-bearing(1) − ~60% stable retail and low-cost escrow − 85% loan to deposit ratio(2) ▪ Cumulative total interest-bearing deposit beta: 19%(3) $ in billions 4Q22 Average Deposit Mix Average Deposits Highlights $85.8 $46.0 $6.1$7.8 vs. Prior Year $0 $40 $80 $120 $160 4Q21 1Q22 2Q22 3Q22 4Q22 0% 19% Cumulative total interest- bearing deposit beta(3) Consumer Commercial $151.0 $145.7

Net Interest Income and Margin $ in millions, continuing operations vs. Prior Quarter TE = Taxable equivalent 2.44% 2.73% 2.0% 2.5% 3.0% 3.5% 4.0% $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 4Q21 1Q22 2Q22 3Q22 4Q22 Net Interest Income (TE) Net Interest Margin (TE)x ▪ Net interest income up $189MM (+18%) and the net interest margin increased 29 basis points from 4Q21 − Reflects benefits from higher interest rates and higher earning asset balances − Partially offset by higher interest-bearing deposit costs and lower loan fees from PPP ▪ Net interest income up $24MM (+2%) and the net interest margin decreased 1 basis point from 3Q22 − Reflects loan growth and higher interest rates − Partially offset by higher interest-bearing deposit costs and a change in the funding mix Net Interest Income & Net Interest Margin Trend (TE) Highlights 8 vs. Prior Year $1,038 $1,227

Noninterest Income 9 ▪ Noninterest income down $238MM (-26%) from 4Q21 − Lower investment banking and debt placement fees (-$151MM) reflecting a slowdown in capital markets activity − Other income declined (-$35MM) due to market related gains in the year-ago period − Lower service charges on deposit accounts (-$19MM) driven by new client friendly fee structure for NSF/OD fees and lower account analysis fees due to the interest rate environment − Lower consumer mortgage income (-$16MM) driven by lower gain on sale margins and lower saleable volume − Partly offsetting the decline was corporate services income (+$13MM), due to higher derivatives income vs. Prior Quarter ▪ Noninterest income relatively stable (-$12MM) from 3Q22 − Lower service charges on deposit accounts (-$21MM) reflecting new client friendly fee structure for NSF/OD fees − Lower corporate services income (-$7MM) reflecting a valuation adjustment benefit in the prior quarter − Partially offset by higher investment banking and debt placement fees (+$18MM) reflecting end of year seasonality vs. Prior Year $ in millions up / (down) 4Q22 vs. 4Q21 vs. 3Q22 Trust and investment services income $ 126 $ (9) $ (1) Investment banking and debt placement fees 172 (151) 18 Service charges on deposit accounts 71 (19) (21) Operating lease income and other leasing gains 24 (13) 5 Corporate services income 89 13 (7) Cards and payments income 85 (1) (6) Corporate-owned life insurance 33 (1) - Consumer mortgage income 9 (16) (5) Commercial mortgage servicing fees 42 (6) (2) Other income 20 (35) 7 Total noninterest income $ 671 $ (238) $ (12) Noninterest Income Highlights

Noninterest Expense 10 vs. Prior Quarter vs. Prior Year ▪ Noninterest expense down $14MM (-1%) from 4Q21 − Lower nonpersonnel expense (-$14MM) driven by a decline in business services and professional fees and a decline in operating lease expense − Personnel expense remained flat, due to higher salaries and employee benefits, offset by lower compensation driven by lower revenue generation in our variable expense businesses ▪ Noninterest expense up $50MM (+5%) from 3Q22 − Higher nonpersonnel expense (+$31MM) related to an increase in other expense, reflecting a pension settlement charge as well as higher professional fees − Personnel expense increased (+$19MM) reflecting lower deferred costs from slower loan originations and higher salaries Noninterest Expense Highlights $ in millions favorable / (unfavorable) 4Q22 vs. 4Q21 vs. 3Q22 Personnel $ 674 $ - $ (19) Net occupancy 72 3 - Computer processing 82 (9) (5) Business services and professional fees 60 10 (13) Equipment 20 5 3 Operating lease expense 22 9 2 Marketing 31 6 (1) Other expense 195 (10) (17) Total noninterest expense $ 1,156 $ 14 $ (50)

NCO = Net charge-off NPL = Nonperforming Loans Credit Quality 11 $454 $387 .45% .32% .00% .40% .80% 1.20% 1.60% 2.00% $200 $400 $600 4Q21 1Q22 2Q22 3Q22 4Q22 NPLs NPLs to period-end loans $1,221 $1,562 269% 404% 100% 200% 300% 400% 500% $0 $500 $1,000 $1,500 $2,000 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for credit losses to NPLsAllowance for credit losses 4Q22 allowance for credit losses to period-end loans of 1.31% Nonperforming Loans Allowance for Credit Losses (ACL) $ in millions $ in millions $19 $41 $4 $265 .08% .14% .00% .06% .12% .18% $0 $50 $100 $150 $200 $250 $300 4Q21 1Q22 2Q22 3Q22 4Q22 NCOs Provision for credit losses NCOs to avg. loans Net Charge-offs & Provision for Credit Losses $ in millions

(1) 12/31/22 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 12/31/2022 − Within targeted range of 9.0% - 9.5% ▪ Increased dividend 5% to $.205 per common share in 4Q22 ▪ Last quarter, the Board of Directors approved extension of existing $790 million share repurchase authorization through 3Q23 9.5% 9.1% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Common Equity Tier 1(1) Highlights Capital Priorities Organic Growth Dividends Share Repurchases 1 2 3

2023 Outlook FY 2023 (vs. FY 2022) 13 Average Balance Sheet • Loans: up 6% - 9% • Deposits: flat to down 2% Net Interest Income (TE) • Net interest income: up 6% - 9% Noninterest Income • Noninterest income: down 1% - 3% Noninterest Expense • Noninterest expense: relatively stable Credit Quality • Net charge-offs to average loans: 25 – 30 bps Taxes • GAAP tax rate: 19% - 20% 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% Note: Guidance range: relatively stable: +/- 2%

Appendix

Commercial Loan Portfolio Detail Portfolio Highlights ▪ 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 2022) ▪ 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 12/31/22 % of total loans Commercial and industrial $ 59,647 50% Commercial real estate 18,882 16 Commercial lease financing 3,936 3 Total Commercial $ 82,465 69% ~50% of C&I portfolio is investment grade

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 $646 $820 $445 $194 $118 4Q21 1Q22 2Q22 3Q22 4Q22 Origination Volume$ in millions $ in billions $3.4 $2.6 $3.2 $1.9 $1.0 4Q21 1Q22 2Q22 3Q22 4Q22 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: 761) ▪ Investing in digital capabilities to improve efficiency and enhance client experience Total Consumer Loans Laurel Road Consumer Mortgage 16 $ in billions 12/31/22 % of total loans WA FICO at origination Consumer mortgage $ 21,401 18% 761 Home equity 7,951 7 807 Consumer direct 6,508 5 746 Credit card 1,026 1 792 Consumer indirect(1) 43 N/A N/A Total Consumer $ 36,929 31% 772

17 $ in billions 1.58% 1.91% 1.00% 1.50% 2.00% 2.50% 3.00% $0.0 $20.0 $40.0 $60.0 4Q21 1Q22 2Q22 3Q22 4Q22 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: 2.21% ▪ Portfolio focused on protecting capital and minimizing market volatility − ~95% of 4Q22 reinvestment ($0.9Bn) designated as held-to-maturity ▪ New investment opportunities at higher yields than runoff ‒ 4Q22 purchases ~5.2% compared to ~2.0% runoff ▪ Portfolio constructed to enhance current returns on excess liquidity, while preserving the optionality 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 (~$1.0Bn per quarter in the near-term) ‒ $9Bn short-term Treasury portfolio- maturities beginning in the second half of 2023 through 2024 ▪ Available for sale portfolio duration of 5.6 years at 12/31/2022 (duration including securities hedges) Average Total Investment Securities $ in billions Existing Portfolio Repricing Characteristics Highlights (1) Yield is calculated on the basis of amortized cost $47.4 $50.3 Investment Portfolio $7.0 $13.9 $5.8 $0.0 $5.0 $10.0 $15.0 2023 2024 2025

Balanced approach to managing interest rate risk provides declining rate protection while maintaining significant upside to higher rates (1) Loan statistics based on 12/31/2022 ending balances; (2) Deposit statistics based on 12/31/2022 average balances; (3) Non-zero loan floors Loan Composition(1) Deposit Mix(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 − Mindful towards increased levels of current and expected volatility ▪ Opportunistically reinvesting to manage interest rate risk and liquidity ▪ Total hedge portfolio at 12/31/2022: ▪ Attractive business model with relationship-oriented lending franchise − Distinctive commercial capabilities drive C&I growth and ~63% floating-rate loan mix − 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 ▪ $47.4Bn 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 4Q22 Balance Sheet Highlights Actively Managing Interest Rate Risk Position 18 Asset & Liability Management Positioning $1.3Bn $.4Bn 4 Q 2 2 A/LM Swaps Debt Swaps $28.5Bn $11Bn $8Bn Floors(3)A/LM Fwd Securities Hedges ▪ Continually evaluating opportunities to protect and enhance NII through new hedging and/or modifying existing positions Noninterest- bearing 32% Interest- bearing 68% Prime 8% 1M LIBOR 13% 3M LIBOR 3% Other 7% SOFR 32% Fixed 37%

19 Net Interest Income Opportunities $ in billions $9.0 $9.0 $9.0 $8.6 $8.4 $7.5 $6.3 $3.9 $0.9 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Expected Balance - Short-term Treasuries $ in billions Future Net Interest Income Drivers ▪ Organic Growth − Focus on relationship banking expected to drive continued loan growth and relatively stable deposits ▪ ALM Management − Positioned to grow net interest income over the next two years, as swaps and short-term Treasuries mature ▪ Investment Portfolio − Positioned to provide liquidity and enhance returns while benefiting from higher reinvestment rates ▪ Deposit Beta and Funding Costs − Marginal funding costs are increasing with rising market interest rates, and are expected to weigh on net interest income − Deposit costs are expected to increase as we remain competitive with the industry ALM Interest Rate Swap Maturities $1.2 $1.7 $1.7 $0.6 $2.3 $2.4 $1.3 $1.9 $1.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Total Cash Flow Hedges WA yield on portfolio 0.43% WA Received fixed rate (4Q22-4Q24): 0.88%

Credit Quality Trends (1) Loan and lease outstandings; (2) From continuing operations 20 Delinquencies to Period-end Total Loans Criticized Outstandings(1) to Period-end Total Loans Continuing Operations Continuing Operations .16% .07% .00% .10% .20% .30% .40% .50% 4Q21 1Q22 2Q22 3Q22 4Q22 .15% .05% 2.6% 2.5% .0% 2.0% 4.0% 6.0% 4Q21 1Q22 2Q22 3Q22 4Q22 30 – 89 days delinquent 90+ days delinquent Metric(2) 4Q22 3Q22 2Q22 1Q22 4Q21 Delinquencies to EOP total loans: 30-89 days .15 % .16 % .12 % .11 % .16 % Delinquencies to EOP total loans: 90+ days .05 .04 .04 .05 .07 NPLs to EOP portfolio loans .32 .34 .38 .41 .45 NPAs to EOP portfolio loans + OREO + Other NPAs .35 .36 .41 .44 .48 Allowance for credit losses to period-end loans 1.31 1.15 1.13 1.19 1.20 Allowance for credit losses to NPLs 404 343 297 290 269

Credit Quality by Portfolio 21 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 (%) 12/31/22 4Q22 4Q22 4Q22 12/31/22 12/31/22 12/31/22 12/31/22 Commercial and industrial(1) $ 59,647 $ 58,212 $ 17 .12% $ 174 $ 601 1.01% 345.40% Commercial real estate: Commercial Mortgage 16,352 16,445 12 .29 21 203 1.24 966.67 Construction 2,530 2,450 - - - 28 1.11 - Commercial lease financing(2) 3,936 3,825 (2) (.21) 1 32 .81 N/M Real estate – residential mortgage 21,401 21,128 (3) (.06) 77 196 .92 254.55 Home equity 7,951 7,890 - - 107 98 1.23 91.59 Consumer direct loans 6,508 6,713 8 .47 3 111 1.71 N/M Credit cards 1,026 993 7 2.80 3 66 6.43 N/M Consumer indirect loans 43 46 2 17.25 1 2 4.65 200.00 Continuing total $ 119,394 $ 117,702 $ 41 .14% $ 387 $ 1,337 1.12% 345.48% Discontinued operations 434 447 2 1.77 3 21 4.84 700.00 Consolidated total $ 119,828 $ 118,149 $ 43 .14% $ 390 $ 1,358 1.13% 348.21% $ in millions (1) Loan balance includes $172 million of commercial credit card balances at December 31, 2022; (2) Commercial lease financing includes receivables held as collateral for a secured borrowing of $8 million at December 31, 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

22 $ in millions (1) For the three months ended December 31, 2022, September 30, 2022, and December 31, 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 December 31, 2022, September 30, 2022, and December 31, 2021, average intangible assets exclude $2 million, $2 million, and $3 million, respectively, of average purchased credit card receivables. For the twelve months ended December 31, 2022, and December 31, 2021, average intangible assets exclude $2 million, and $4 million, respectively, of average purchased credit card receivables. GAAP to Non-GAAP Reconciliation 12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021 Tangible common equity to tangible assets at period end Key shareholders' equity (GAAP) 13,454$ 13,290$ 17,423$ Less: Intangible assets (1) 2,844 2,856 2,820 Preferred Stock (2) 2,446 2,446 1,856 Tangible common equity (non-GAAP) 8,164$ 7,988$ 12,747$ Total assets (GAAP) 189,813$ 190,051$ 186,346$ Less: Intangible assets (1) 2,844 2,856 2,820 Tangible assets (non-GAAP) 186,969$ 187,195$ 183,526$ Tangible common equity to tangible assets ratio (non-GAAP) 4.37% 4.27% 6.95% Pre-provision net revenue Net interest income (GAAP) 1,220$ 1,196$ 1,033$ 4,527$ 4,071$ Plus: Taxable-equivalent adjustment 7 7 5 27 27 Noninterest income 671 683 909 2,718 3,194 Less: Noninterest expense 1,156 1,106 1,170 4,410 4,429 Pre-provision net revenue from continuing operations (non-GAAP) 742$ 780$ 777$ 2,862$ 2,863$ Average tangible common equity Average Key shareholders' equity (GAAP) 13,168$ 14,614$ 17,471$ 14,730$ 17,665$ Less: Intangible assets (average) (3) 2,851 2,863 2,814 2,839 2,829 Preferred Stock (average) 2,500 2,148 1,900 2,114 1,900 Average tangible common equity (non-GAAP) 7,817$ 9,603$ 12,757$ 9,777$ 12,936$ Twelve Months EndedThree months ended

23 $ in millions GAAP to Non-GAAP Reconciliation 12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) 356$ 513$ 601$ 1,793$ 2,506$ Average tangible common equity (non-GAAP) 7,817 9,603 12,757 9,777 12,93621.19 21.19 18.55 Return on average tangible common equity from continuing operations (non-GAAP) 18.07% 21.19% 18.69% 18.34% 19.37%618.00 18.61% Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) 356$ 515$ 603$ 1,799$ 2,519$ Average tangible common equity (non-GAAP) 7,817 9,603 12,757 9,777 12,936 Return on average tangible common equity consolidation (non-GAAP) 18.07% 21.28% 18.75% 18.40% 19.47% Cash efficiency ratio Noninterest expense (GAAP) 1,156$ 1,106$ 1,170$ 4,410$ 4,429$ Less: Intangible asset amortization 12 12 14 47 58 Adjusted noninterest expense (non-GAAP) 1,144$ 1,094$ 1,156$ 4,363$ 4,371$ Net interest income (GAAP) 1,220$ 1,196$ 1,033$ 4,527$ 4,071$ Plus: Taxable-equivalent adjustment 7 7 5 27 27 Noninterest income 671 683 909 2,718 3,194 Total taxable-equivalent revenue (non-GAAP) 1,898$ 1,886$ 1,947$ 7,272$ 7,292$ Cash eff iciency ratio (non-GAAP) 60.3% 58.0% 59.4% 60.0% 59.9%0.602 0.602 Three months ended Twelve Months Ended

EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
			12/31/2022		9/30/2022		12/31/2021
Assets
	Loans		$	119,394	$	116,191	$	101,854
	Loans held for sale		963		1,048		2,729
	Securities available for sale		39,117		40,000		45,364
	Held-to-maturity securities		8,710		8,163		7,539
	Trading account assets		829		1,068		701
	Short-term investments		2,432		4,896		11,010
	Other investments		1,308		1,272		639
		Total earning assets	172,753		172,638		169,836
	Allowance for loan and lease losses		(1,337)		(1,144)		(1,061)
	Cash and due from banks		887		717		913
	Premises and equipment		636		629		681
	Goodwill		2,752		2,752		2,693
	Other intangible assets		94		106		130
	Corporate-owned life insurance		4,369		4,351		4,327
	Accrued income and other assets		9,223		9,535		8,265
	Discontinued assets		436		467		562
		Total assets	$	189,813	$	190,051	$	186,346
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	86,707	$	84,168	$	89,207
		Savings deposits	7,681		7,860		7,503
		Certificates of deposit ($100,000 or more)	1,708		1,269		1,705
		Other time deposits	5,665		4,578		2,153
		Total interest-bearing deposits	101,761		97,875		100,568
		Noninterest-bearing deposits	40,834		46,980		52,004
		Total deposits	142,595		144,855		152,572
	Federal funds purchased and securities sold under repurchase agreements		4,077		4,224		173
	Bank notes and other short-term borrowings		5,386		4,576		588
	Accrued expense and other liabilities		4,994		4,849		3,548
	Long-term debt		19,307		18,257		12,042
		Total liabilities	176,359		176,761		168,923
Equity
	Preferred stock		2,500		2,500		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,286		6,257		6,278
	Retained earnings		15,616		15,450		14,553
	Treasury stock, at cost		(5,910)		(5,917)		(5,979)
	Accumulated other comprehensive income (loss)		(6,295)		(6,257)		(586)
		Key shareholders’ equity	13,454		13,290		17,423
	Noncontrolling interests		—		—		—
		Total equity	13,454		13,290		17,423
Total liabilities and equity			$	189,813	$	190,051	$	186,346
Common shares outstanding (000)			933,325		932,938		928,850

Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended						Twelve months ended
			12/31/2022		9/30/2022		12/31/2021		12/31/2022		12/31/2021
Interest income
	Loans		$	1,347	$	1,134	$	873	$	4,241	$	3,532
	Loans held for sale		20		14		15		56		50
	Securities available for sale		195		196		148		752		546
	Held-to-maturity securities		64		55		52		213		185
	Trading account assets		10		8		5		31		19
	Short-term investments		48		32		8		97		28
	Other investments		11		5		2		22		7
		Total interest income	1,695		1,444		1,103		5,412		4,367
Interest expense
	Deposits		186		59		15		279		67
	Federal funds purchased and securities sold under repurchase agreements		16		19		—		41		—
	Bank notes and other short-term borrowings		54		24		2		90		8
	Long-term debt		219		146		53		475		221
		Total interest expense	475		248		70		885		296
Net interest income			1,220		1,196		1,033		4,527		4,071
Provision for credit losses			265		109		4		502		(418)
Net interest income after provision for credit losses			955		1,087		1,029		4,025		4,489
Noninterest income
	Trust and investment services income		126		127		135		526		530
	Investment banking and debt placement fees		172		154		323		638		937
	Service charges on deposit accounts		71		92		90		350		337
	Operating lease income and other leasing gains		24		19		37		103		148
	Corporate services income		89		96		76		372		288
	Cards and payments income		85		91		86		341		415
	Corporate-owned life insurance income		33		33		34		132		128
	Consumer mortgage income		9		14		25		58		131
	Commercial mortgage servicing fees		42		44		48		167		160
	Other income		20		13		55		31		120
		Total noninterest income	671		683		909		2,718		3,194
Noninterest expense
	Personnel		674		655		674		2,566		2,561
	Net occupancy		72		72		75		295		300
	Computer processing		82		77		73		314		284
	Business services and professional fees		60		47		70		212		227
	Equipment		20		23		25		92		100
	Operating lease expense		22		24		31		101		126
	Marketing		31		30		37		123		126
	Intangible asset amortization		—		—		—		—		—
	Other expense		195		178		185		707		705
		Total noninterest expense	1,156		1,106		1,170		4,410		4,429
Income (loss) from continuing operations before income taxes			470		664		768		2,333		3,254
	Income taxes		76		124		141		422		642
Income (loss) from continuing operations			394		540		627		1,911		2,612
	Income (loss) from discontinued operations, net of taxes		—		2		2		6		13
Net income (loss)			394		542		629		1,917		2,625
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	394	$	542	$	629	$	1,917	$	2,625
Income (loss) from continuing operations attributable to Key common shareholders			$	356	$	513	$	601	$	1,793	$	2,506
Net income (loss) attributable to Key common shareholders			356		515		603		1,799		2,519
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.38	$	.55	$	.65	$	1.94	$	2.6397
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.0134
Net income (loss) attributable to Key common shareholders (a)			.38		.55		.65		1.94		2.6531
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.38	$	.55	$	.64	$	1.92	$	2.62
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.38		.55		$	.64	1.93		2.63
Cash dividends declared per common share			$	.205	$	.195	$	.195	$	.79	$	.75
Weighted-average common shares outstanding (000)			924,974		924,594		922,970		924,363		947,065
	Effect of common share options and other stock awards		8,750		7,861		11,758		8,696		10,349
Weighted-average common shares and potential common shares outstanding (000) (b)			933,724		932,455		934,729		933,059		957,414

(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	Jan. 19, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 19, 2023
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