More Regional Bank Earnings Are Out: KeyCorp, Truist, Fifth Third
Another round of regional banks reported third-quarter earnings, with the results pointing to mounting expense pressures on midsize and smaller players. Here are the highlights:
KeyCorp: Profit dropped around 44% from a year earlier to 29 cents a share. That beat the 27 cents a share that analysts polled by FactSet expected. Revenue slid 17% to $1.6 billion, slightly above Wall Street forecasts.
Truist: Profit was down 28% from a year earlier to 80 cents a share, just below the 81 cents analysts estimated. Revenue fell 3% to $5.7 billion, topping analyst expectations.
Fifth Third: Profit was up 1% from a year earlier at 91 cents a share, beating analyst forecasts of 82 cents a share. Revenue was roughly flat at $2.2 billion.
Shares of all three banks rose in afternoon trading. An index of regional banking stocks also advanced.