KeyCorp ( (KEY) ) has released its Q4 earnings. Here is a breakdown of the information KeyCorp presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the United States, offering a comprehensive range of deposit, lending, cash management, and investment services to individuals and businesses across 15 states under the KeyBank National Association name.
In its fourth quarter 2024 earnings report, KeyCorp announced a net loss of $279 million, or $0.28 per diluted share, but reported an adjusted net income of $378 million, or $0.38 per diluted share. The company also highlighted a significant revenue increase of 16% year-over-year, alongside a 10% rise in net interest income from the previous quarter.
Key financial metrics reflected positive trends, with investment banking, payments, and wealth management fees experiencing a 27% increase year-over-year. The Common Equity Tier 1 ratio improved by 120 basis points to 12% quarter-over-quarter, demonstrating a stronger capital position. Despite a decline in average loan balances, the company saw a modest growth in average deposits and achieved substantial progress in strategic fee-based businesses.
Looking forward, KeyCorp’s management remains optimistic about the company’s prospects, emphasizing the strong performance momentum and capital position as it transitions into 2025. With the celebration of KeyBank’s 200th anniversary, the company aims for sound and profitable growth in the upcoming year and beyond.
