KEYCORP NEW
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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Commercial Bank
Summary of operations
Net income attributable to Key of $300 million for the third quarter of 2024, compared to $240 million for the year-ago quarter
Taxable-equivalent net interest income increased by $14 million, compared to the third quarter of 2023
Average loan and lease balances decreased $8.1 billion, compared to the third quarter of 2023, driven by a decline in commercial and industrial loans
Average deposit balances increased $2.6 billion, or 4.7%, compared to the third quarter of 2023, driven by our focus on growing deposits across our commercial businesses
Provision for credit losses decreased $27 million compared to the third quarter of 2023, driven by the impact of balance sheet optimization efforts, partly offset by slowing credit portfolio migration, changes in economic outlook, and higher net charge-offs
Noninterest income increased $45 million from the third quarter of 2023, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees
Noninterest expense increased $12 million compared the third quarter of 2023, driven by higher incentive compensation related to stronger investment banking and debt placement fees
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