KeyCorp, a bank holding company, reported its 10-K filing for the fiscal year ending December 31, 2025, showcasing a strong financial performance. The company's consolidated total assets reached approximately $184.4 billion. KeyCorp operates through two major business segments: Consumer Bank and Commercial Bank, providing a range of financial services across 15 states via 940 branches and 1,120 ATMs. The company's strategic focus remains on relationship-based banking, disciplined capital management, and a high-performing workforce.
For the year 2025, KeyCorp's net interest income on a taxable-equivalent (TE) basis was $4.7 billion, with a net interest margin of 2.69%. This represents an increase of $861 million compared to 2024, where net interest income (TE) was $3.8 billion and the net interest margin was 2.16%. The increase was attributed to lower interest-bearing deposit costs, reinvestment into higher-yielding investments, and a favorable shift in balance sheet composition. The provision for credit losses was a net charge of $471 million, compared to $335 million in the previous year, driven by reserve increases. Noninterest income totaled $2.8 billion, a significant increase from $809 million in 2024, which was impacted by a $1.8 billion loss from investment portfolio repositioning.
KeyCorp's strategic initiatives included expanding its frontline banker staff and investing in customer-facing technology. As of December 31, 2025, 95% of employees earned $20 or more per hour, reflecting investments in competitive rewards. The company's annualized voluntary turnover rate was 12.7%, lower than the 13.2% reported in 2024. KeyCorp's Common Equity Tier 1 and Tier 1 risk-based capital ratios were 11.78% and 13.46%, respectively, exceeding regulatory minimums. The company repurchased $200 million of its common shares in the fourth quarter of 2025, including $17 million from Scotiabank.
Looking ahead, KeyCorp anticipates revenue growth of approximately 7% for the full year 2026, with net interest income expected to increase by 8% to 10%. The company projects an exit net interest margin rate of 3.00% to 3.05% by the fourth quarter of 2026. Adjusted noninterest income is forecasted to rise by 5% to 6%, while adjusted noninterest expense is expected to increase by 3% to 4%. Average loans are projected to grow by 1% to 2%, with commercial loans increasing by approximately 5%. The company estimates a net charge-off rate of 40 to 45 basis points and an effective tax rate of approximately 22%. KeyCorp also set medium-term targets for 2027, including a return on tangible common equity of 15.0% or greater and a net interest margin of 3.25% or greater.
About KEYCORP /NEW/
KeyCorp is a diversified financial services company providing retail and commercial banking, investment management, and related services through its subsidiary KeyBank. It serves individual, small business, corporate, and institutional clients across the U.S., offering deposit accounts, loans, trust, and wealth management. Its business model emphasizes customer-centric banking, financial advisory, and capital markets services, leveraging extensive branch networks, digital platforms, and a focus on risk management and regulatory compliance.
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