KEYCORP /NEW/
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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, 2026 · Filed Nov 3, 2026
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Commercial Bank
Summary of operations
| Three Months Ended September 30, · Percent | |||
|---|---|---|---|
| Dollars in millions | 2026 | 2025 | Change |
| Summary of operations | |||
| Net interest income (TE) | $748 | $686 | 9.0% |
| Noninterest income | 453 | 429 | 5.6 |
| Total revenue (TE) | 1,201 | 1,115 | 7.7 |
| Provision for credit losses | 8 | 68 | (88.2) |
| Noninterest expense | 529 | 486 | 8.8 |
| Income (loss) before income taxes (TE) | 664 | 561 | 18.4 |
| Allocated income taxes (benefit) and TE adjustments | 148 | 121 | 22.3 |
| Net income (loss) attributable to Key | $516 | $440 | 17.3% |
| Average loans and leases | |||
| Commercial and industrial | $61,135 | $52,878 | 15.6% |
| Real estate — commercial mortgage | 12,652 | 12,429 | 1.8 |
| Real estate — construction | 2,832 | 2,643 | 7.2 |
| Commercial lease financing | 1,929 | 2,371 | (18.6) |
| Other loans | 8 | 7 | 14.3 |
| Total loans and leases | $78,556 | $70,328 | 11.7% |
| Average deposits | |||
| Money market deposits | $7,121 | $6,624 | 7.5% |
| Demand deposits | 39,811 | 38,189 | 4.2 |
| Other deposits | 457 | 507 | (9.9) |
| Noninterest-bearing deposits | 13,329 | 13,204 | .9 |
| Total deposits | $60,718 | $58,524 | 3.7% |
| Credit-related statistics | |||
| Nonperforming assets at period end | $379 | $402 | |
| Net loan charge-offs | 42 | 64 | |
| Net loan charge-offs to average total loans | 0.21% | 0.36% | |
Net income attributable to Key of $516 million for the third quarter of 2026, compared to $440 million for the year-ago quarter
Taxable-equivalent net interest income attributable to the Commercial Bank increased $62 million or 9.0%, compared to the third quarter of 2025
Average loan and lease balances increased $8.2 billion, or 11.7%, compared to the third quarter of 2025, driven by an increase in commercial and industrial loans
Average deposit balances increased $2.2 billion, or 3.7%, compared to the third quarter of 2025, reflecting higher client deposit balances
Provision for credit losses decreased $60 million compared to the third quarter of 2025, driven by a reserve release reflective of portfolio changes and lower net charge-offs
Noninterest income increased $24 million, or 5.6%, from the third quarter of 2025, primarily driven by higher investment banking and debt placement fees, and service charges on deposit accounts
Noninterest expense increased $43 million, or 8.8%, compared to the third quarter of 2025, driven by an increase in personnel expense
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