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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Consumer Bank
Summary of operations
Net income attributable to Key of $86 million for the third quarter of 2024, compared to $65 million for the year-ago quarter
Taxable-equivalent net interest income attributable to the Consumer Bank increased by $50 million, or 9.4%, compared to the third quarter of 2023
Average loans and leases decreased $3.3 billion, or 7.9%, from the third quarter of 2023, driven by broad-based declines across all loan categories
Average deposits increased $3.7 billion, or 4.5%, from the third quarter of 2023, driven by growth in retail deposits
Provision for credit losses increased $38 million compared to the third quarter of 2023, driven by changes in economic outlook and higher net charge-offs, partly offset by planned balance sheet optimization efforts
Noninterest income decreased $11 million, or 4.6%, from the third quarter of 2023, driven by declines in service charges on deposit accounts and cards and payments income, partially offset by favorability in trust and investment services
Noninterest expense decreased $27 million, or 4.0%, from the third quarter of 2023, reflective of lower marketing expense
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