KEYCORP /NEW/
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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Commercial Bank
Segment imperatives
Solve complex client needs through a differentiated product set of banking and capital markets capabilities
Drive targeted scale through distinct product capabilities delivered to a broad set of clients
Utilize industry expertise and broad capabilities to build relationships with narrowly targeted client sets
Market and business overview
Building relationships and delivering complex solutions for middle market and larger clients requires a distinctive operating model that understands their business and can provide a broad set of product capabilities. As competition for these clients intensifies, we have positioned the business to maintain and grow our competitive advantage by building targeted scale in businesses and client segments. Strong market share in businesses such as real estate loan servicing and equipment finance highlights our ability to successfully meet customer needs through targeted scale in distinct product capabilities. Clients expect us to understand every aspect of their business. Our deep market expertise in multiple industry verticals and relationship-led approach allow us to recognize opportunities and deliver strategic financial solutions that align with our clients’ goals. Our business model is positioned to meet our client needs because our focus is not on being a universal bank, but rather being the right bank for our clients.
Figure 8. Commercial Bank Summary of Operations
| Year ended December 31, | Change 2025 vs. | ||||
|---|---|---|---|---|---|
| Dollars in millions | 2025 | 2024 | 2023 | 2024 | 2023 |
| Summary of operations | |||||
| Net interest income (TE) | $2,294 | $1,805 | $1,866 | 27.1% | 22.9% |
| Noninterest income | 1,745 | 1,629 | 1,429 | 7.1 | 22.1 |
| Total revenue (TE) | 4,039 | 3,434 | 3,295 | 17.6 | 22.6 |
| Provision for credit losses | 299 | 227 | 379 | 31.7 | (21.1) |
| Noninterest expense | 1,905 | 1,834 | 1,806 | 3.9 | 5.5 |
| Income (loss) before income taxes (TE) | 1,835 | 1,373 | 1,110 | 33.6 | 65.3 |
| Allocated income taxes (benefit) and TE adjustments | 388 | 282 | 227 | 37.6 | 70.9 |
| Net income (loss) attributable to Key | $1,447 | $1,091 | $883 | 32.6% | 63.9% |
| Average loans and leases | |||||
| Commercial and industrial | $52,156 | $49,926 | $55,057 | 4.5% | (5.3)% |
| Real estate — commercial mortgage | 12,057 | 12,575 | 14,325 | (4.1) | (15.8) |
| Real estate — construction | 2,735 | 2,918 | 2,650 | (6.3) | 3.2 |
| Commercial lease financing | 2,450 | 3,065 | 3,678 | (20.1) | (33.4) |
| Other loans | 8 | 14 | 73 | (42.9) | (89.0) |
| Total loans and leases | $69,407 | $68,498 | $75,782 | 1.3% | (8.4)% |
| Average deposits | |||||
| Money market deposits | $7,508 | $8,696 | $6,141 | (13.7)% | 22.3% |
| Demand deposits | 36,868 | 35,031 | 31,864 | 5.2 | 15.7 |
| Other deposits | 529 | 739 | 641 | (28.4) | (17.5) |
| Noninterest-bearing deposits | 13,165 | 13,558 | 16,398 | (2.9) | (19.7) |
| Total deposits | $58,070 | $58,025 | $55,045 | .1% | 5.5% |
| Credit-related statistics | |||||
| Nonperforming assets at period end | $426 | $571 | $401 | ||
| Net loan charge-offs | 237 | 252 | 111 | ||
| Net loan charge-offs to average total loans | 0.34% | 0.37% | 0.15% | ||
Net income attributable to Key of $1.4 billion in 2025, compared to $1.1 billion in 2024, an increase of 32.6%, largely driven by an increase in investment banking and debt placement fees and commercial mortgage servicing income, along with lower FDIC assessment charges
Taxable equivalent net interest income increased in 2025 by $489 million, or 27.1%, from the prior year, due to favorable deposit costs
Average loan and lease balances increased $909 million in 2025, or 1.3%, driven by an increase in commercial and industrial loans
Average deposit balances increased $45 million in 2025, or 0.1%, driven by our focus on growing deposits across our commercial businesses
Provision for credit losses increased $72 million in 2025 compared to the prior year, resulting from reserve builds due to changes in economic conditions and portfolio growth, partially offset by lower net charge-offs
Noninterest income increased $116 million in 2025, or 7.1%, from the prior year, driven by growth in investment banking and debt placement fees and commercial mortgage servicing income
Noninterest expense increased by $71 million in 2025, or 3.9%, from the prior year, primarily driven by higher personnel expense related to incentive compensation associated with noninterest income growth and continued investments in people, partially offset by decreases in FDIC special assessment charges and operating lease expenses
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