KeyCorp highlights commercial banking growth at Morgan Stanley conference; deposits up 38% since 2019

KEYCORP /NEW/

Middle Market avg ROE 17-20% over FY2022-2024; Commercial Payments revenue CAGR 10% over 5 years.
Total commercial deposits grew 38% to ~$58B from 2019 to 2024; operating deposits improved 800bps to 89%.
Commercial Payments fees rose 61% to ~$360M in 2024 vs. 2019; merchant fees +85% to ~$210M.
API clients grew 325% and embedded banking clients grew 71% from Dec 2023 to Mar 2025.
Client base expanded ~8% to 4.6K Middle Market clients; average client tenure ~15 years.

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