KEYCORP NEW
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Commercial Bank
Summary of operations
Net income attributable to Key of $200 million for the first quarter of 2024, compared to $255 million for the year-ago quarter
Taxable-equivalent net interest income decreased by $87 million, compared to the first quarter of 2023, reflecting higher interest-bearing deposit costs and a shift in funding mix to higher-cost deposits, as well as Key’s balance sheet optimization efforts
Average loan and lease balances decreased $6.2 billion, compared to the first quarter of 2023, driven by a decline in commercial and industrial loans
Average deposit balances increased $3.9 billion, or 7.4%, compared to the first quarter of 2023, driven by our focus on growing deposits across our commercial businesses
Provision for credit losses increased $22 million compared to the first quarter of 2023, driven by portfolio migration, partly offset by a more stable economic outlook and the impact of balance sheet optimization efforts
Noninterest income increased $34 million, from the first quarter of 2023, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees
Noninterest expense remained unchanged compared the first quarter of 2023
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