The company said net interest income (TE) for Q2 2024 was $899 million and the net interest margin was 2.04%. Compared with Q2 2023, net interest income (TE) fell $87 million and the net interest margin declined 8 basis points.

1. 01

   The company said net interest income (TE) for Q2 2024 was $899 million and the net interest margin was 2.04%. Compared with Q2 2023, net interest income (TE) fell $87 million and the net interest margin declined 8 basis points.

2. 02

   KeyCorp said average loans for Q2 2024 were $109.0 billion, down $11.7 billion from a year earlier, and linked the decline to its balance sheet optimization efforts during 2023. Average deposits totaled $144.2 billion, up $1.3 billion.

3. 03

   The company said its provision for credit losses fell to $100 million in Q2 2024 from $167 million in Q2 2023, and on a 6-month basis to $201 million from $306 million. The company cited a more stable economic outlook and the impact of balance sheet optimization as factors behind the decrease, which it said were partly offset by credit portfolio migration.

4. 04

   The company said noninterest income for Q2 2024 was $627 million, or 41% of total revenue, compared with $609 million (38%) a year earlier. Noninterest expense for Q2 was $1.1 billion, compared with $1.1 billion a year earlier.

Key figures

Quarter ended June 30, 2024

Revenue

$1.5B

Net income

$274M

EPS

$0.25

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.

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

You can verify the report’s figures and statements in the original filing on SEC EDGAR.