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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Consumer Bank
Summary of operations
Net income attributable to Key of $67 million for the second quarter of 2024, compared to $71 million for the year-ago quarter
Taxable-equivalent net interest income attributable to the Consumer Bank decreased by $9 million, or 1.7%, compared to the second quarter of 2023, primarily reflective of a decline in loan spreads as a result of lower loan balances
Average loans and leases decreased $3.1 billion, or 7.4%, from the second quarter of 2023, driven by broad-based declines across loan categories
Average deposits increased $4.0 billion, or 4.9%, from the second quarter of 2023, driven by strong retail deposit growth
Provision for credit losses increased $1 million compared to the second quarter of 2023
Noninterest income decreased $9 million, or 3.7%, from the second quarter of 2023, driven by declines in service charges on deposit accounts and cards and payments income
Noninterest expense decreased $14 million, or 2.1%, from the second quarter of 2023, reflective of lower marketing expense
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