Deteriorating office loans stress US regional banks' CRE portfolios [Yahoo! Finance Canada]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Yahoo! Finance Canada
Nearly a dozen mid-sized and regional U.S. banks reported higher non-performing loans (NPLs) — debt where borrowers missed scheduled payments — in their CRE portfolios in the third quarter compared with a year earlier, a Reuters analysis of earnings reports showed. Those included KeyCorp and Fifth Third Bancorp. A looming "maturity wall" could complicate matters further. When loans mature, borrowers must either refinance or repay the remaining balance in full. Failure to do so could lead to defaults and strain banks' balance sheets. Roughly $950 billion of CRE mortgages are expected to mature in 2024, of which 10% are tied to office properties, according to estimates from S&P Global Market Intelligence. Office loans present unique challenges due to the rise of hybrid work, which may limit their benefits from lower interest rates. Rate cuts "may not fully alleviate office pressures in the short term, as the shift toward remote and hybrid work and the increasing use of AI to
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KEY
Earnings
- 10/17/24 - Beat
KEY
Sec Filings
- 10/18/24 - Form SC
- 10/17/24 - Form 8-K
- 10/2/24 - Form 4
- KEY's page on the SEC website