KEYCORP /NEW/
For the period ended Jun 30, 2025. Filed Aug 5, 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.
Jun 30, 2025 · Filed Aug 5, 2025
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Business outlook
Consistent with the forward guidance we provided on July 22, 2025, we expect these current year results, that is, full year 2025 vs. full year 2024:
| Category | 2024 Baseline | FY2025 (vs FY 2024)(a) |
|---|---|---|
| Average loans | $107.7 Billion | down 1% to 3% (previously down 2% to 5%) |
| Ending loans | $104.3 Billion | up ~2% vs YE 2024 (previously Flat vs YE 2024) |
| PE Commercial Loans | $71.9 Billion | up ~5% (previously up 2% - 4%) |
| Net interest income (TE)(c) | $3,810 Million | up 20% to 22%(b) (previously up ~20%) |
| Adjusted noninterest income(c) | $2,645 Million | up 5%+ |
| Adjusted noninterest expense(c) | $4,520 Million | up 3% to 5% |
| Net charge-offs to average loans | 41 bps | 40 to 45 basis points (FY2025) |
| Effective tax rate | ~21% to 22% (FY2025) | |
| Tax-equivalent Effective Rate(d) | ~23% to 24% (FY2025) |
(a) Ranges are shown on an operating basis.
(b) Additional Guidance: Net interest income (TE): 11%+ 4Q25 vs 4Q24 (previously 10%+ 4Q25 vs. 4Q24).
(c) Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly related GAAP financial measures because Key is unable to provide without unreasonable effort a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. such unavailable information could be significant for future results.
(d) Reflects the estimated full year taxable-equivalent adjustment.
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