KeyCorp has reported a net income of $454 million for the third quarter of 2025, reflecting a substantial improvement from the net loss of $(447) million in the same period of 2024. The net interest income increased by 4% quarter-over-quarter, with a net interest margin of 2.75%, up by 9 basis points. Moreover, the average deposits saw a 2% increase quarter-over-quarter, and the total deposit costs declined by 2 basis points to 1.97%.
Additionally, nonperforming assets decreased by 6% sequentially, while net charge-offs remained stable at 42 basis points. KeyCorp's revenue also showed a significant uptick, reaching $1.9 billion, up by 17% year-over-year when adjusted for last year's securities portfolio repositioning.
The company's chairman and CEO, Chris Gorman, highlighted the strong momentum demonstrated in the third quarter, with adjusted revenue up by 17% year-over-year. He also emphasized the firm's significant investments in front-line bankers and technology, which are expected to drive future growth.
Furthermore, tangible book value per share grew by 4% sequentially and 14% year-over-year. The company's assets under management reached a record $68 billion, representing an 11% increase compared to the previous year.
Following these announcements, the company's shares moved -1.55%, and are now trading at a price of $17.73. Check out the company's full 8-K submission here.
