KeyCorp said Scotiabank entered into an Investment Agreement to make a strategic minority investment of approximately $2.8 billion at a fixed price of $17.17 per share, and following the final purchase on December 27, 2024, Scotiabank owns approximately 14.9% of the company's common stock.

10-KAnnual reportFiled Feb 21, 2025Period of report Dec 31, 2024Summary published (UTC) Oct 11, 2026

Key points

AI summary

KeyCorp said Scotiabank entered into an Investment Agreement to make a strategic minority investment of approximately $2.8 billion at a fixed price of $17.17 per share, and following the final purchase on December 27, 2024, Scotiabank owns approximately 14.9% of the company's common stock.
The company said the pre-tax loss on the sale of securities available for sale for Q3 2024 was $935 million, of which $918 million was associated with the strategic repositioning. The company added that the pre-tax loss from additional repositioning in Q4 was $915 million.
KeyCorp said net interest income (TE) for 2024 was $3.8 billion, a decrease of $133 million compared to 2023. Average loans totaled $107.7 billion, a decrease of $10.3 billion from $118.0 billion in 2023.
The company said noninterest income for 2024 was $809 million, down from $2.5 billion in 2023, inclusive of $1.8 billion in losses from portfolio repositioning activity. Investment banking and debt placement fees increased $146 million, or 26.9%.

Key figures

Fiscal year ended December 31, 2024

Revenue: $4.6B
Net income: −$161M
EPS: −$0.32
Operating cash flow: $664M

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.

Scotiabank's Strategic Minority Investment

KeyCorp said Scotiabank entered into an Investment Agreement to make a strategic minority investment of approximately $2.8 billion at a fixed price of $17.17 per share, and following the final purchase on December 27, 2024, Scotiabank owns approximately 14.9% of the company's common stock.

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

Pre-tax Loss from Securities Repositioning

The company said the pre-tax loss on the sale of securities available for sale for Q3 2024 was $935 million, of which $918 million was associated with the strategic repositioning. The company added that the pre-tax loss from additional repositioning in Q4 was $915 million.

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

Changes in Net Interest Income and Average Loans

KeyCorp said net interest income (TE) for 2024 was $3.8 billion, a decrease of $133 million compared to 2023. Average loans totaled $107.7 billion, a decrease of $10.3 billion from $118.0 billion in 2023.

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

Noninterest Income and Investment Banking Fees

The company said noninterest income for 2024 was $809 million, down from $2.5 billion in 2023, inclusive of $1.8 billion in losses from portfolio repositioning activity. Investment banking and debt placement fees increased $146 million, or 26.9%.

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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