KEYCORP /NEW/

As shown in Figure 4, noninterest income was $702 million for the third quarter of 2025, compared to a net loss of $269 million for the year-ago quarter. Noninterest income was $2.1 billion for the nine months ended September 30, 2025, compared to $1.0 billion for the nine months ended September 30, 2024.

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

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 that primarily generate certain trust and asset management fees are shown in Figure 5. For the three months ended September 30, 2025, trust and investment services income was up $10 million, or 7.1%, compared to the same period one year ago. For the nine months ended September 30, 2025, trust and investment services income was up $20 million, or 4.8%, compared to the same period one year ago. Revenue growth for both comparison periods was primarily due to an increase in fees associated with higher assets under management balances.

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, 2025, our bank, trust, and registered investment advisory subsidiaries had assets under management of $67.9 billion, up 11.0% compared to September 30, 2024. The increase was driven by continued net positive cash in-flows and market impacts on portfolios.

Figure 5. Assets Under Management or Administration

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, 2025, investment banking and debt placement fees were up $13 million, or 7.6%, compared to the same period a year ago. For the nine months ended September 30, 2025, investment banking and debt placement fees increased $70 million, or 15.0%. The increases for both periods reflect higher commercial real estate and new equity issue underwriting activity.

Service charges on deposit accounts

Service charges on deposit accounts increased $8 million, or 11.9%, for the three months ended September 30, 2025, compared to the same period one year ago. For the nine months ended September 30, 2025, service charges on deposit accounts increased by $21 million, or 10.7%, from the nine months ended September 30, 2024. These increases continue to be driven by account analysis fees.

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 $2 million or 2.4% for the three months ended September 30, 2025, compared to the same period one year ago. For the nine months ended September 30, 2025, cards and payment income increased $7 million, or 2.8%, from the same period a year ago. These increases were primarily a result of higher merchant services income and higher credit card spend volume slightly offset by higher credit card reward costs.

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. Other noninterest income for the three months ended September 30, 2025, increased $938 million, or 128.3%, from the year-ago quarter. For the nine months ended September 30, 2025, other noninterest income increased $937 million, or 293.7%, from the same period a year ago. These increases were primarily due to the $918 million loss reflected in other income as a result of the securities repositioning activity undertaken in the third quarter of 2024, as well as increases in corporate services income, which were offset by decreases in operating lease income and other leasing gains.