Curious about KeyBank net worth? Ando Money explores KeyBank’s financial health, market cap, and performance trends in 2024, giving you a comprehensive understanding.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | KeyBank |
| Full Name | KeyBank National Association |
| Traded as | NYSE: KEY |
| ISIN | N/A |
| Founded | 1994 |
| Founders | Society Corporation, KeyCorp |
| Country/Territory | United States |
| Headquarters | Cleveland, Ohio |
| Chief Executive Officer | Chris Gorman |
| Number of Employees | 16,975 |
| Market Cap | $13.48 billion |
| Total Assets | $188 billion |
| Total equity | $17.688 billion |
| Revenue | $6.2 billion (2020) |
| Net Income | $183 million (Q1 2024) |
What is the Net Worth/ Market Cap of KeyBank in 2024?
As of 2024, KeyBank’s market capitalization stands at $13.48 billion. This positions KeyBank competitively within the leading banks in the US.
For context, Ally Financial boasts a market cap of $10.53 billion, while Huntington Bancshares stands at $18.42 billion.
This comparison highlights KeyBank’s solid footing in the industry, balancing between smaller and larger financial institutions.
The robust market cap underscores KeyBank’s financial stability and investor confidence, reflecting its extensive asset base and consistent performance.
KeyBank Financial Performance Overview
KeyBank has demonstrated remarkable financial stability and growth. With a total asset base of $188 billion, the bank has positioned itself as a formidable entity in the financial sector.
Its total equity of $17.688 billion further underscores its strong capital foundation.
Asset Management and Valuation
KeyBank’s extensive asset management strategies have been crucial in maintaining and enhancing its financial health.
The bank’s assets are not only vast but also well-managed, contributing to a stable net worth. The diversification of assets across various financial products ensures a balanced risk profile, enhancing overall valuation.
Revenue Streams and Sources
The primary revenue sources for KeyBank include traditional banking services, investment banking, and debt placement fees.
These revenue streams are bolstered by the bank’s strategic focus on high-yield sectors and comprehensive financial services.
Notably, investment banking has posted its best first quarter in history, significantly driving noninterest income.
Equity and Shareholder Value
KeyBank’s equity value has seen a steady rise, driven by strategic initiatives aimed at enhancing shareholder value.
The bank’s Common Equity Tier 1 Ratio increased to 10.3%, highlighting its commitment to maintaining strong capital ratios and financial health.
This robust equity position is a testament to the bank’s sound financial management and strategic capital allocation.
Loan and Credit Portfolio
KeyBank’s loan portfolio is a critical component of its financial performance. Despite a planned reduction in loan balances, the bank maintains a diverse and extensive loan portfolio.
This includes commercial and industrial loans, consumer loans, and mortgage loans.
The bank’s focus on maintaining a low level of nonperforming loans and net charge-offs ensures the quality and profitability of its credit services.
Noninterest Income Contributions
Noninterest income plays a significant role in KeyBank’s revenue model. Key components include trust and investment services, investment banking fees, and corporate services income.
These income streams are critical in offsetting the higher costs associated with deposit and borrowing expenses, contributing to a balanced and diversified revenue model.
Impact of FDIC Assessments and Other Regulatory Costs
The FDIC special assessment had a notable impact on KeyBank’s net income, costing $22 million after-tax in the first quarter of 2024.
Despite these regulatory costs, the bank has managed to maintain a strong financial position, highlighting its resilience and effective cost management strategies.
Efficiency and Cost Management
KeyBank’s focus on reducing reliance on high-cost funding sources and optimizing its balance sheet has been key to maintaining efficiency.
By minimizing wholesale funding and brokered deposits, the bank has effectively managed its funding costs.
Additionally, strategic expense control has helped in maintaining a low-cost structure, further enhancing profitability.
FAQs about KeyBank
How do I open an account?
To open a KeyBank account, provide your Social Security number, valid ID (driver’s license or passport), and the required deposit. Apply online or at a branch.
What types of accounts are offered?
KeyBank offers checking, savings, money market accounts, and CDs, each with unique features, fees, and benefits.
What is the overdraft policy?
The bank offers overdraft protection options, including linking a savings account, credit card, or personal line of credit. Fees and terms are detailed on their website or through customer service.
How can I access online and mobile banking?
Enroll online to use KeyBank’s services, allowing 24/7 account management, including checking balances, transferring funds, paying bills, and mobile check deposits.
What are the account fees?
Fees vary by account type. Checking accounts might have waivable monthly fees; savings accounts may have minimum balance requirements and fees. Details are available on KeyBank’s website or through customer service.
How do I report a lost or stolen card?
Report immediately by calling 1-800-KEY2YOU (539-2968) or place a temporary lock via online or mobile banking.
What are the benefits of KeyBank’s credit card?
KeyBank credit cards offer rewards programs, fraud protection, and management via online and mobile banking. Benefits vary by card type.
How do I apply for a credit limit increase?
Visit a branch or call 1-888-KEY-1234 to request a credit limit increase, subject to account and credit review.
What services does Bill Pay include?
Bill Pay allows online bill payments without checks or stamps. Standard service is free; expedited payments incur a $9.95 fee. Manage Bill Pay via online or mobile banking.
Are accounts FDIC insured?
Yes, deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
Conclusion
In summary, the KeyBank net worth in 2024 reflects its strong financial health and strategic growth. For more insights, visit andomoney.com and stay informed!
