Company: KEY-PI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048757
Chunk: 23

Company: KEYCORP /NEW/
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 23
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 the year-ago quarter

•Taxable-equivalent net interest income attributable to the Consumer Bank increased by $122 million, or 21.4%, compared to the third quarter of 2024

•Average loans and leases decreased $3.0 billion, or 7.7%, from the third quarter of 2024, driven by broad-based declines across consumer loan categories 

•Average deposits increased $1.3 billion, or 1.5%, from the third quarter of 2024, primarily driven by growth in money market deposits

19

•Provision for credit losses decreased $12 million compared to the third quarter of 2024, primarily driven by changes in reserve levels due to lower loan balances as well as lower net loan charge-offs

•Noninterest income increased $13 million, or 5.6%, from the third quarter of 2024, primarily driven by an increase in trust and investment services income 

•Noninterest expense increased $46 million, or 7.1%, from the third quarter of 2024, primarily driven by higher support and overhead expense

Commercial Bank

Summary of operations

•Net income attributable to Key of $367 million for the third quarter of 2025, compared to $299 million for the year-ago quarter

•Taxable-equivalent net interest income attributable to the Commercial Bank increased by $127 million or 27.6%, compared to the third quarter of 2024

•Average loan and lease balances increased $2.9 billion, or 4.3%, compared to the third quarter of 2024, driven by an increase in commercial and industrial loans

•Average deposit balances decreased $213 million, or 0.4%, compared to the third quarter of 2024, driven by a reduction in higher-cost client balances

20

•Provision for credit losses increased $27 million compared to the third quarter of 2024, driven by stable reserve levels relative to the third quarter of 2024, partly offset by lower net loan charge-offs 

•Noninterest income increased $21 million, or 5.2%, from the third quarter of 2024, primarily driven by an increase in investment banking and debt placement fees and corporate services income

•Noninterest expense increased $38 million, or 8.6%, compared to the third quarter of 2024, primarily driven by higher support and overhead expense, as well as higher personnel expense related to incentive compensation associated with noninterest income growth, and continued investments