KeyCorp (KEY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Key Corp's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. So, at that time, if you would like to ask a question, please press star followed by 1 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to Brian Mauney, Key Corp Director of Investor Relations. Please go ahead. Thank you, Operator, and good morning, everyone. I'd like to thank you for joining Key Corp's first quarter 2025 earnings conference call. I am here with Chris Gorman, our Chairman and Chief Executive Officer, and Clark Kyatt, our Chief Financial Officer. As usual, we will reference our earnings presentation slides, which can be found in the Investor Relations section of the Key.com website. In the back of the presentation, you will find our statement on forward-looking disclosures in certain financial measures, including non-GAAP measures. This covers our earnings materials as well as remarks made on this morning's call. Actual results may differ materially from forward-looking statements, and those statements speak only as of today, April 17, 2025, and will not be updated. With that, I will turn it over to Chris. Thank you, Brian, and good morning. This morning, we reported very strong first quarter results. Both revenues and expenses were favorable to expectations. Revenues were up 16% from a year ago, while expenses were essentially flat. Our pre-provision net revenue increased more than $90 million from the fourth quarter on an operating basis. Concurrently, credit costs, NPAs, and criticized loans are all trending in a positive direction, with NPAs declining by nearly 10% sequentially. Clark...