KEYCORP /NEW/
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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, 2025 · Filed May 6, 2025
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Commercial Bank
Summary of operations
Net income attributable to Key of $321 million for the first quarter of 2025, compared to $205 million for the year-ago quarter
Taxable-equivalent net interest income increased by $137 million, compared to the first quarter of 2024
Average loan and lease balances decreased $3.6 billion, compared to the first quarter of 2024, driven by a decline in commercial real estate loans and commercial and industrial loans
Average deposit balances increased $1.1 billion, or 2.0%, compared to the first quarter of 2024, driven by our focus on growing deposits across our commercial businesses
Provision for credit losses decreased $27 million compared to the first quarter of 2024, driven by a lower reserve build due to slowing asset quality migration, which was partly offset by the impact of uncertainty in the economic outlook and higher net loan charge-offs
Noninterest income increased $7 million from the first quarter of 2024, primarily driven by an increase in commercial mortgage servicing fees and service charges on deposit accounts
Noninterest expense increased $20 million compared the first quarter of 2024, driven by higher personnel expense attributable to higher incentive compensation
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