KeyCorp Q2 net income $159 millionChristian Fernsby ▼ | July 23, 2020
KeyCorp announced net income from continuing operations attributable to Key common shareholders of $159 million for the second quarter of 2020, compared to $118 million for the first quarter of 2020 and $403 million for the second quarter of 2019.
The increase in net interest income reflects higher earning asset balances partially offset by a lower net interest margin.
The net interest margin was impacted by lower interest rates, a lag in deposit pricing as interest rates declined, and a change in balance sheet mix, including elevated levels of liquidity and Key's participation in the Paycheck Protection Program. ■