Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 17

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 17
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 was $118 million for the three months ended March 31, 2025, compared to $101 million for the three months ended March 31, 2024. The increase from the year-ago period is driven by higher net loan charge-offs and the impact of uncertainty in the economic outlook, partly offset by improved credit migration trends.

Noninterest income

As shown in Figure 4, noninterest income was a net income of $668 million for the first quarter of 2025, compared to net income of $647 million for the year-ago quarter.

The following discussion explains the composition of certain elements of our noninterest income and the factors that caused those elements to change.

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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 or administration that primarily generate certain trust and asset management fees are shown in Figure 5. For the three months ended March 31, 2025, trust and investment services income was up $3 million, or 2.2%, compared to the same period one year ago. This increase was driven primarily by investment management fees associated with higher assets under management. 

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 March 31, 2025, our bank, trust, and registered investment advisory subsidiaries had assets under management of $61.1 billion, up 6.5% compared to March 31, 2024. The increase was driven by net positive cash in-flows and market impacts on portfolios.

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Figure 5. Assets Under Management or Administration 

Dollars in millionsMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024Discretionary assets under management by investment type:Equity$33,478 $34,541 $34,500 $32,691 $32,369 Fixed income14,290 13,942 14,256 14,136 14,096 Money market6,851 6,785 6,587 5,639 6,177 Total discretionary assets under management54,619 55,268 55,343 52,466 52,642 Non-discretionary assets