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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Consumer Bank
Summary of operations
Net income attributable to Key of $55 million for the first quarter of 2024, compared to $89 million for the year-ago quarter
Taxable-equivalent net interest income attributable to the Consumer Bank decreased by $63 million, or 10.3%, compared to the first quarter of 2023, reflective of a shift in funding mix from noninterest-bearing deposits to higher-cost deposits and borrowings, as well as Key’s balance sheet optimization efforts
Average loans and leases decreased $2.6 billion, or 6.1%, from the first quarter of 2023, driven by broad-based declines across loan categories
Average deposits decreased $320 million, or 0.4%, from the first quarter of 2023
Provision for credit losses decreased $62 million compared to the first quarter of 2023, driven by planned balance sheet optimization efforts and an improving economic outlook, partly offset by higher net charge-offs
Noninterest income decreased $4 million, or 1.8%, from the first quarter of 2023, driven by declines in service charges on deposit accounts and cards and payments income
Noninterest expense increased $40 million, or 6.0%, from the first quarter of 2023, primarily reflective of the FDIC special assessment charge
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