Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 216

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 216
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Table of contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Page NumberIntroduction50Corporate strategy50Executive overview51Results of Operations53Earnings overview53Net interest income53Provision for credit losses56Noninterest income56Noninterest expense58Income taxes60Business Segment Results60Consumer Bank60Commercial Bank61Financial Condition63Loans and loans held for sale63Securities69Deposits and other sources of funds72Capital73Off-Balance Sheet Arrangements and Aggregate Contractual Obligations75Off-balance sheet arrangements75Guarantees76Risk Management76Overview76Market risk management78Liquidity risk management83Credit risk management86Operational and compliance risk management90GAAP to Non-GAAP Reconciliations91Critical Accounting Policies and Estimates92Allowance for loan and lease losses93Valuation methodologies94Derivatives and hedging96Contingent liabilities, guarantees and income taxes97Accounting and reporting developments98

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Table of contents

Introduction

This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for 2024 and 2023. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents. To review our financial condition and results of operations for 2022 and a comparison between the 2022 and 2023 results, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2023 Form 10-K filed with the SEC on February 22, 2024, which discussion is incorporated herein by reference.

Corporate strategy

We remain committed to enhancing long-term shareholder value by continuing to execute our relationship-based business model, growing our franchise, and being disciplined with respect to capital management.  We intend to pursue this commitment by growing profitably; acquiring and expanding targeted client relationships; effectively managing risk and rewards; maintaining financial strength; and engaging, retaining, and inspiring our high-performing and talented workforce and fostering a culture that is fair and inclusive for all. These strategic priorities for enhancing long-term shareholder value are described in more detail below.

•Grow profitably — We intend to continue to focus on generating positive operating leverage by growing revenue and creating a more efficient operating environment. We expect our