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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Consumer Bank
Summary of operations
Net income attributable to Key of $118 million for the first quarter of 2025, compared to $41 million for the year-ago quarter
Taxable-equivalent net interest income attributable to the Consumer Bank increased by $116 million, or 21.8%, compared to the first quarter of 2024
Average loans and leases decreased $3.1 billion, or 7.8%, from the first quarter of 2024, driven by broad-based declines across all loan categories
Average deposits increased $4.2 billion, or 5.0%, from the first quarter of 2024, driven by growth in money market deposits and certificates of deposit
Provision for credit losses increased $45 million compared to the first quarter of 2024, primarily driven by changes in reserve levels due to uncertainty in the economic outlook and higher net loan charge-offs
Noninterest income increased $1 million, or 0.4%, from the first quarter of 2024, driven by an increase in trust and investment services stemming from higher assets under management
Noninterest expense decreased $28 million, or 4.0%, from the first quarter of 2024, primarily driven by a FDIC special assessment charge in the first quarter of 2024
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