KeyCorp said net interest income (TE) was $886 million and the net interest margin was 2.02% for the Q1 2024 quarter, with net interest income (TE) down $220 million and the margin down 45 basis points from a year earlier. The company cited the higher interest rate environment and balance sheet optimization efforts that reduced loan balances as factors in the decline.

10-QQuarterly reportFiled May 2, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

KeyCorp said net interest income (TE) was $886 million and the net interest margin was 2.02% for the Q1 2024 quarter, with net interest income (TE) down $220 million and the margin down 45 basis points from a year earlier. The company cited the higher interest rate environment and balance sheet optimization efforts that reduced loan balances as factors in the decline.
The company said average loans were $111.0 billion in the Q1 2024 quarter, down $8.8 billion from a year earlier, and average deposits totaled $142.9 billion, down $527 million. It linked the loan decline to planned balance sheet optimization efforts.
Key said noninterest income was $647 million, or 42% of total revenue, for the Q1 2024 quarter, up from $608 million (35%) in the year-ago quarter. The provision for credit losses for the same quarter was $101 million, down from $139 million a year earlier.
KeyCorp said total loans outstanding from continuing operations were $109.9 billion as of March 31, 2024, down from $112.6 billion at December 31, 2023. Commercial loans fell to $75.7 billion, a decrease of $1.9 billion (2.5%). The company cited declines in commercial and industrial loans and commercial real estate loans as the factors.

Key figures

Quarter ended March 31, 2024

Revenue: $1.5B
Net income: $219M
EPS: $0.20
Operating cash flow: $359M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net interest income (TE) $886 million, net interest margin 2.02%

KeyCorp said net interest income (TE) was $886 million and the net interest margin was 2.02% for the Q1 2024 quarter, with net interest income (TE) down $220 million and the margin down 45 basis points from a year earlier. The company cited the higher interest rate environment and balance sheet optimization efforts that reduced loan balances as factors in the decline.

Source · Based on the MD&A text of the filing

Average loans $111.0 billion, average deposits $142.9 billion

The company said average loans were $111.0 billion in the Q1 2024 quarter, down $8.8 billion from a year earlier, and average deposits totaled $142.9 billion, down $527 million. It linked the loan decline to planned balance sheet optimization efforts.

Source · Based on the MD&A text of the filing

Noninterest income $647 million, provision for credit losses $101 million

Key said noninterest income was $647 million, or 42% of total revenue, for the Q1 2024 quarter, up from $608 million (35%) in the year-ago quarter. The provision for credit losses for the same quarter was $101 million, down from $139 million a year earlier.

Source · Based on the MD&A text of the filing

Total loans $109.9 billion, commercial loans $75.7 billion

KeyCorp said total loans outstanding from continuing operations were $109.9 billion as of March 31, 2024, down from $112.6 billion at December 31, 2023. Commercial loans fell to $75.7 billion, a decrease of $1.9 billion (2.5%). The company cited declines in commercial and industrial loans and commercial real estate loans as the factors.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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