Document

Exhibit 99.3


Consolidated Balance Sheets
(dollars in millions)

			3/31/2025		12/31/2024		3/31/2024
Assets
	Loans		$	104,809	$	104,260	$	109,885
	Loans held for sale		811		797		228
	Securities available for sale		40,751		37,707		37,298
	Held-to-maturity securities		7,160		7,395		8,272
	Trading account assets		1,296		1,283		1,171
	Short-term investments		15,349		17,504		13,205
	Other investments		1,050		1,041		1,247
		Total earning assets	171,226		169,987		171,306
	Allowance for loan and lease losses		(1,429)		(1,409)		(1,542)
	Cash and due from banks		1,909		1,743		1,247
	Premises and equipment		602		614		650
	Goodwill		2,752		2,752		2,752
	Other intangible assets		22		27		48
	Corporate-owned life insurance		4,404		4,394		4,392
	Accrued income and other assets		8,958		8,797		8,314
	Discontinued assets		247		263		318
		Total assets	$	188,691	$	187,168	$	187,485

Liabilities
	Deposits in domestic offices:





		Interest-bearing deposits	122,283		120,132		114,593
		Noninterest-bearing deposits	28,454		29,628		29,638
		Total deposits	150,737		149,760		144,231
	Federal funds purchased and securities sold under repurchase agreements		22		14		27
	Bank notes and other short-term borrowings		2,328		2,130		2,896
	Accrued expense and other liabilities		4,209		4,983		5,008
	Long-term debt		12,392		12,105		20,776
		Total liabilities	169,688		168,992		172,938

Equity
	Preferred stock		2,500		2,500		2,500
	Common shares		1,257		1,257		1,257
	Capital surplus		5,946		6,038		6,164
	Retained earnings		14,724		14,584		15,662
	Treasury stock, at cost		(2,637)		(2,733)		(5,722)
	Accumulated other comprehensive income (loss)		(2,787)		(3,470)		(5,314)
		Key shareholders’ equity	19,003		18,176		14,547
	Noncontrolling interests		—		—		—
		Total equity	19,003		18,176		14,547
Total liabilities and equity			$	188,691	$	187,168	$	187,485

Common shares outstanding (000)			1,111,986		1,106,786		942,776


Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended
			3/31/2025		12/31/2024		3/31/2024
Interest income
	Loans		$	1,401	$	1,448	$	1,538
	Loans held for sale		14		20		14
	Securities available for sale		392		353		232
	Held-to-maturity securities		63		66		75
	Trading account assets		17		16		14
	Short-term investments		174		214		142
	Other investments		9		15		17
		Total interest income	2,070		2,132		2,032
Interest expense
	Deposits		753		821		782
	Federal funds purchased and securities sold under repurchase agreements		1		1		1
	Bank notes and other short-term borrowings		27		24		46
	Long-term debt		193		235		328
		Total interest expense	974		1,081		1,157
Net interest income			1,096		1,051		875
Provision for credit losses			118		39		101
Net interest income after provision for credit losses			978		1,012		774
Noninterest income
	Trust and investment services income		139		142		136
	Investment banking and debt placement fees		175		221		170
	Service charges on deposit accounts		69		65		63
	Operating lease income and other leasing gains		9		15		24
	Corporate services income		65		69		69
	Cards and payments income		82		85		77
	Corporate-owned life insurance income		33		36		32
	Consumer mortgage income		13		16		14
	Commercial mortgage servicing fees		76		68		56
	Other income		7		(5)		9
	Net securities gains (losses)		—		(908)		(3)
		Total noninterest income	668		(196)		647
Noninterest expense
	Personnel		680		734		674
	Net occupancy		67		67		67
	Computer processing		107		107		102
	Business services and professional fees		40		55		41
	Equipment		20		20		20
	Operating lease expense		11		15		17
	Marketing		21		33		19

	Intangible asset amortization		—		—		—

	Other expense		185		198		203
		Total noninterest expense	1,131		1,229		1,143
Income (loss) from continuing operations before income taxes			515		(413)		278
	Income taxes		109		(169)		59
Income (loss) from continuing operations			406		(244)		219
	Income (loss) from discontinued operations, net of taxes		(1)		—		—
Net income (loss)			405		(244)		219
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—
Net income (loss) attributable to Key			$	405	$	(244)	$	219

Income (loss) from continuing operations attributable to Key common shareholders			$	370	$	(279)	$	183
Net income (loss) attributable to Key common shareholders			369		(279)		183
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.34	$	(.28)	$	.20
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.34		(.28)		.20
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.33	$	(.28)	$	.20
Income (loss) from discontinued operations, net of taxes			—		—		—
Net income (loss) attributable to Key common shareholders (a)			.33		(.28)		$	.20

Cash dividends declared per common share			$	.205	$	.205	$	.205

Weighted-average common shares outstanding (000)			1,096,654		986,829		929,692
	Effect of common share options and other stock awards (b)		9,486		—		7,319
Weighted-average common shares and potential common shares outstanding (000) (c)			1,106,140		986,829		937,011

(a)Earnings per share may not foot due to rounding.

(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.

(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.