KEYCORP /NEW/

As shown in Figure 4, noninterest income was $744 million for the third quarter of 2026, compared to $702 million for the year-ago quarter. Noninterest income was $2.2 billion for the nine months ended September 30, 2026, compared to $2.1 billion for the nine months ended September 30, 2025.

The following discussion explains the composition of certain elements of our noninterest income and the factors that caused those elements to change.

Figure 4. Noninterest Income

N/M = Not Meaningful

Investment banking and debt placement fees

Investment banking and debt placement fees consist of syndication fees, debt and equity securities underwriting fees, merger and acquisition and financial advisory fees, gains on sales of commercial mortgages, and agency origination fees. For the three months ended September 30, 2026, investment banking and debt placement fees were up $30 million, or 16.3%, compared to the same period a year ago mainly due to increased merger and acquisition advisory fees, and loan syndication fees, partially offset by lower commercial mortgage fees. For the nine months ended September 30, 2026, investment banking and debt placement fees increased $43 million, or 8.1%, driven by year-to-date growth in merger and acquisition advisory fees and syndication fees.

Trust and investment services income

Trust and investment services income consists of brokerage commissions, trust and asset management fees, and insurance income. The assets under management or administration that primarily generate certain trust and asset management fees are shown in Figure 5. For the three months ended September 30, 2026, trust and investment services income was up $15 million, or 10.0%, compared to the same period one year ago. For the nine months ended September 30, 2026, trust and investment services income was up $46 million, or 10.6%, compared to the same period one year ago. These increases were primarily attributable to higher investment management brokerage income, reflecting higher assets under management and favorable market performance.

A significant portion of our trust and investment services income depends on the value and mix of assets under management. As shown in Figure 5, at September 30, 2026, our bank, trust, and registered investment advisory subsidiaries had assets under management of $74.5 billion, up 9.7% compared to September 30, 2025. The increase was driven by constructive market performance.

Figure 5. Assets Under Management or Administration

Cards and payments income

Cards and payments income, which consists of debit card, prepaid card, consumer and commercial credit card, and merchant services income, increased $7 million or 8.1% for the three months ended September 30, 2026, compared to the same period one year ago. For the nine months ended September 30, 2026, cards and payments income increased $20 million, or 7.9%, from the same period a year ago. The increases were driven by higher commercial payments activity, including growth in merchant services, embedded banking, purchase card volume, and prepaid card-related fees, as well as higher consumer debit and credit card spend volumes. These increases were partially offset by lower interchange fees in certain consumer card categories and higher rewards costs.

Service charges on deposit accounts

Service charges on deposit accounts increased $4 million, or 5.3%, for the three months ended September 30, 2026, compared to the same period one year ago. For the nine months ended September 30, 2026, service charges on deposit accounts increased by $16 million, or 7.4%, from the same period one year ago. The increases were primarily driven by higher account analysis fees, reflecting growth in fee-equivalent revenue, partially offset by higher deposit premiums and lower consumer overdraft-related fees.

Other noninterest income

Other noninterest income includes operating lease income and other leasing gains, corporate services income,

corporate-owned life insurance income, consumer mortgage income, commercial mortgage servicing fees, net securities gains (losses), and other income. Net other noninterest income for the three months ended September 30, 2026, decreased $14 million, or 6.8%, from the year-ago quarter. This net change resulted from lower commercial mortgage servicing fees. For the nine months ended September 30, 2026, net other noninterest income decreased $12 million, or 1.9%, from the same period a year ago, driven by lower commercial mortgage servicing fees, and lower operating lease income due to portfolio runoff, partially offset by higher corporate services income reflective of growth in loan commitment fees, foreign exchange trading gains, and non-yield loan fees.