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This statistic highlights KeyCorp’s Net Interest Income, reported quarterly starting from Q1 2016 onwards.
KeyCorp is a financial institution that primarily provides banking and financial services. The difference between the interest earned on loans, investments, and other interest-bearing assets and the interest paid on deposits and borrowings is represented by the company’s net interest income. It is critical to KeyCorp’s overall profitability and financial performance
|Period||2022 Q1||2022 Q4||2023 Q1||YoY Growth in 2023 Q1|
|Net Interest Income||1,020||894||1,106||8.43%|
(All figures are in million USD, except percentages)
Net interest income climbed 8.43% year on year, from $1020 million in the first quarter of 2022 to $1,106 million in the first quarter of 2023.
Net interest income
KeyCorp’s net interest income is the difference between interest collected on loans and investments and interest paid on deposits and borrowings. It is the primary revenue generated by KeyCorp’s loan and investment activities. The interest rate environment, loan portfolio composition, credit quality, and overall financial market performance all have an impact on net interest income. KeyCorp’s net interest income is an important component of its total financial performance, contributing to profitability and its ability to provide financial services to consumers.
For the first quarter of 2023, taxable-equivalent net interest income was $1.1 billion, with a net interest margin of 2.47%. Net interest income climbed by $86 million in the first quarter of 2022, while the net interest margin increased by one basis point. Higher earning asset balances and higher interest rates boosted net interest income and the net interest margin but were offset in part by increased interest-bearing deposit costs and a shift in the financing mix.
Taxable-equivalent net interest income fell by $121 million in the fourth quarter of 2022, while the net interest margin fell by 26 basis points. increased interest-bearing deposit costs and a shift in funding composition offset increased earning asset balances and a benefit from higher interest rates in net interest income and net interest margin. Furthermore, net interest income was lower in the first quarter of 2023 due to two fewer days.
KeyCorp is a financial services corporation headquartered in the United States. KeyCorp, headquartered in Cleveland, Ohio, serves as the holding company for KeyBank National Association, one of the country’s major regional banks. KeyCorp offers a variety of financial services, such as retail and commercial banking, investment management, and corporate banking solutions.
KeyCorp has a strong presence in 15 states, serving people, small enterprises, and large corporations. By providing personalized financial solutions and great customer service, the company focuses on developing strong relationships with its consumers.
The success of KeyCorp can be ascribed to its dedication to innovation and technology. It is constantly investing in digital banking technology to improve the client experience and streamline processes. In addition, the corporation values community involvement, sponsoring numerous charitable programs and promoting economic growth in the communities it serves.
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