KEYCORP NEW
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
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Provision for credit losses
Our provision for credit losses was a net charge of $335 million for 2024, compared to $489 million for 2023. The decrease in our provision for credit losses was driven by reserve releases, partly offset by higher net charge-offs. The net reserve release in 2024 was driven by changes in the economic outlook and planned balance sheet optimization efforts, which offset reserve increases attributable to asset quality migration. The higher net charge-offs were largely driven by the commercial and industrial portfolio.
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