KEYCORP NEW
For the period ended Jun 30, 2024. Filed Jul 26, 2024.
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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, 2024 · Filed Jul 26, 2024
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Commercial Bank
Summary of operations
Net income attributable to Key of $207 million for the second quarter of 2024, compared to $227 million for the year-ago quarter
Taxable-equivalent net interest income decreased by $64 million, compared to the second quarter of 2023, primarily reflecting higher interest-bearing deposit costs and a shift in funding mix to higher-cost deposits, as well as a decline in loan balances
Average loan and lease balances decreased $8.7 billion, compared to the second quarter of 2023, driven by a decline in commercial and industrial loans
Average deposit balances increased $4.8 billion, or 9.2%, compared to the second quarter of 2023, driven by our focus on growing deposits across our commercial businesses
Provision for credit losses decreased $47 million compared to the second quarter of 2023, driven by a more stable economic outlook and the impact of balance sheet optimization efforts, partly offset by credit portfolio migration
Noninterest income increased $10 million from the second quarter of 2023, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees
Noninterest expense increased $25 million compared the second quarter of 2023, driven by higher business services and professional fees and broad-based increases across other expense categories
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