KeyBank is a prominent financial institution, and understanding its ownership structure is crucial for investors, customers, and industry observers alike. This article from bankprofits.net delves into the details of KeyBank’s ownership, providing insights into its shareholders and overall financial health, ultimately offering you a clear picture of this banking giant.
1. What Is KeyBank’s Parent Company and Its Significance?
KeyBank operates as a subsidiary of KeyCorp, one of the United States’ largest bank-based financial services companies. KeyCorp’s significance lies in its vast network and diverse financial offerings, impacting communities and markets across the nation.
KeyCorp, with its headquarters in Cleveland, Ohio, plays a vital role in the financial landscape. It oversees KeyBank, managing its strategic direction and ensuring its stability. Understanding KeyCorp’s influence is key to grasping KeyBank’s operations and future prospects. According to KeyCorp’s 2023 Annual Report, the company focuses on sustainable growth and delivering long-term value to its shareholders. This is achieved through strategic investments in technology, talent, and community development initiatives.
2. Who Are KeyBank’s Major Shareholders and Their Influence?
KeyBank’s major shareholders consist primarily of institutional investors, mutual funds, and individual investors. These stakeholders wield considerable influence through their investment decisions and voting rights.
Institutional investors, such as BlackRock, Vanguard Group, and State Street Corporation, hold significant stakes in KeyCorp, the parent company of KeyBank. Their investment decisions can impact KeyBank’s stock performance and overall financial stability. According to data from Yahoo Finance, the top institutional holders collectively own over 60% of KeyCorp’s outstanding shares. This concentration of ownership gives these institutions considerable sway over KeyCorp’s strategic direction and corporate governance.
Mutual funds also play a crucial role. Funds like Fidelity and Capital Group own substantial shares, influencing KeyBank through their investment strategies. Individual investors, though smaller in holding size, collectively contribute to the bank’s shareholder base.
KeyBank headquarters in Cleveland, Ohio, showcasing its prominent presence in the city’s financial district. The building symbolizes the bank’s long-standing history and commitment to serving the community.
3. Is KeyBank a Publicly Traded Company?
Yes, KeyBank is indirectly a publicly traded entity through its parent company, KeyCorp, which is listed on the New York Stock Exchange (NYSE) under the ticker symbol KEY. This public listing allows investors to buy and sell shares, influencing KeyCorp’s market capitalization and overall valuation.
Being publicly traded subjects KeyCorp to stringent regulatory requirements, ensuring transparency and accountability in its financial reporting. The Securities and Exchange Commission (SEC) mandates that KeyCorp disclose quarterly and annual financial statements, providing investors with insights into the bank’s performance, profitability, and risk management practices.
4. What is KeyBank’s Financial Performance?
KeyBank’s financial performance can be evaluated through metrics like revenue, net income, assets, and liabilities, providing a comprehensive view of its profitability and stability.
KeyBank’s revenue streams include interest income from loans, fees from services, and investment gains. Net income, the bottom line, reflects the bank’s profitability after deducting all expenses. A high net income indicates efficient management and strong financial health. According to KeyCorp’s latest earnings report, the bank reported a net income of $X billion, driven by growth in its commercial lending and wealth management businesses.
Assets, including loans, securities, and cash, represent the bank’s resources. Liabilities, such as deposits and borrowings, are the bank’s obligations. A healthy balance sheet with a strong asset base and manageable liabilities signifies financial stability.
The following table summarizes KeyCorp’s key financial metrics:
| Metric | Value (USD) | Source |
|---|---|---|
| Revenue | $X Billion | KeyCorp’s Latest Earnings Report |
| Net Income | $Y Billion | KeyCorp’s Latest Earnings Report |
| Total Assets | $Z Billion | KeyCorp’s Latest Balance Sheet |
| Total Liabilities | $W Billion | KeyCorp’s Latest Balance Sheet |
These figures provide a snapshot of KeyBank’s financial standing, enabling investors and analysts to assess its performance relative to its peers and industry benchmarks.
5. How Does KeyBank’s Ownership Affect Its Strategies and Decisions?
KeyBank’s ownership structure significantly influences its strategies and decisions, impacting its business operations, risk management, and corporate governance practices.
Major shareholders, particularly institutional investors, have the power to influence key decisions through their voting rights. They can advocate for changes in corporate strategy, executive compensation, and board composition. Their priorities often include maximizing shareholder value and ensuring sustainable long-term growth.
KeyCorp’s management team must balance the interests of various stakeholders, including shareholders, customers, employees, and regulators. This requires careful consideration of the potential impact of strategic decisions on different groups.
6. What is the Role of Regulatory Bodies in Overseeing KeyBank’s Operations?
Regulatory bodies, such as the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC), play a crucial role in overseeing KeyBank’s operations, ensuring compliance with banking regulations and safeguarding the interests of depositors and the financial system.
The Federal Reserve regulates KeyBank’s activities, setting capital requirements, conducting stress tests, and monitoring compliance with lending laws. The Fed’s oversight aims to maintain the stability and soundness of the banking system. The FDIC provides deposit insurance, protecting depositors up to $250,000 per account. This insurance coverage promotes confidence in the banking system and prevents bank runs.
7. What Are KeyBank’s Corporate Governance Policies and Practices?
KeyBank adheres to corporate governance policies and practices that promote transparency, accountability, and ethical conduct, ensuring responsible management and protecting the interests of shareholders and stakeholders.
KeyCorp’s board of directors oversees the bank’s management and sets its strategic direction. The board comprises independent directors with diverse expertise in finance, risk management, and corporate governance. The audit committee, composed of independent directors, oversees the bank’s financial reporting and internal controls. This committee ensures the accuracy and reliability of financial information.
8. How Does KeyBank Contribute to the Economy?
KeyBank contributes significantly to the economy through lending to businesses, supporting community development, and providing financial services to individuals and organizations.
KeyBank provides loans to small businesses, helping them grow and create jobs. These loans fuel economic activity and contribute to local prosperity. The bank also supports community development initiatives, investing in affordable housing, education, and other programs that improve the quality of life in underserved areas.
9. What Are KeyBank’s Future Growth Prospects and Opportunities?
KeyBank’s future growth prospects and opportunities lie in expanding its digital banking services, increasing its presence in key markets, and leveraging technological innovations to enhance customer experience and efficiency.
KeyBank is investing in digital banking technologies, offering customers convenient online and mobile banking services. This digital transformation allows the bank to reach a wider customer base and reduce operating costs. The bank is also expanding its presence in high-growth markets, such as the Southeast and Southwest regions of the United States.
10. Where Can I Find More Information About KeyBank’s Ownership and Financials?
Detailed information about KeyBank’s ownership and financials can be found in KeyCorp’s annual reports, SEC filings, and investor relations materials, providing comprehensive insights for investors and stakeholders.
KeyCorp’s annual reports provide a comprehensive overview of the company’s performance, strategies, and financial position. These reports are available on KeyCorp’s website and the SEC’s EDGAR database. SEC filings, such as 10-K and 10-Q reports, provide detailed financial information and disclosures.
Investor relations materials, including press releases, presentations, and conference calls, offer additional insights into KeyBank’s performance and outlook. You can also visit bankprofits.net for in-depth analysis and up-to-date information on KeyBank’s financial performance.
11. How Does KeyBank’s Stock Performance Compare to Its Competitors?
KeyBank’s stock performance can be compared to its competitors, such as PNC Financial Services, U.S. Bancorp, and Bank of America, to evaluate its relative strength and market position.
Analyzing KeyBank’s stock price trends, dividend yields, and price-to-earnings ratios can provide insights into its investment attractiveness compared to its peers. Monitoring analyst ratings and market sentiment can also help assess KeyBank’s stock performance.
12. What Impact Do Economic Conditions Have on KeyBank’s Ownership and Value?
Economic conditions, such as interest rates, inflation, and GDP growth, significantly impact KeyBank’s ownership and value, influencing its profitability, lending activities, and stock performance.
Rising interest rates can increase KeyBank’s net interest margin, boosting its profitability. However, higher rates can also dampen loan demand, impacting its lending activities. Inflation can erode the value of KeyBank’s assets and liabilities, affecting its financial performance.
A strong economy with robust GDP growth can drive loan demand and increase KeyBank’s revenues. Conversely, an economic recession can lead to loan defaults and reduced profitability.
13. How Has KeyBank’s Ownership Evolved Over Time?
KeyBank’s ownership has evolved through mergers, acquisitions, and changes in shareholder composition, reflecting its growth and strategic shifts in the banking industry.
KeyBank’s origins can be traced back to the Commercial Bank of Albany in 1825. Over the years, the bank has undergone numerous mergers and acquisitions, shaping its current ownership structure. The 1994 merger between KeyCorp and Society Corporation was a landmark event, creating one of the largest bank holding companies in the United States.
14. What Risks Are Associated with Investing in KeyBank Stock?
Investing in KeyBank stock involves risks such as economic downturns, regulatory changes, and competitive pressures, which can impact its profitability and stock performance.
Economic downturns can lead to increased loan defaults and reduced demand for financial services, impacting KeyBank’s revenues. Regulatory changes, such as increased capital requirements or stricter lending rules, can affect KeyBank’s profitability and operations.
Competitive pressures from other banks and financial institutions can erode KeyBank’s market share and profitability.
15. How Does KeyBank Balance Shareholder Interests with Customer Needs?
KeyBank strives to balance shareholder interests with customer needs by providing competitive financial products and services while delivering value to its shareholders through sustainable profitability.
KeyBank invests in customer service and technology to enhance the customer experience. The bank also offers a range of financial products and services tailored to meet the diverse needs of its customers. KeyCorp’s commitment to community development and corporate social responsibility aligns its interests with those of its stakeholders.
16. What is KeyBank’s Stance on Environmental, Social, and Governance (ESG) Issues?
KeyBank is increasingly focused on Environmental, Social, and Governance (ESG) issues, integrating sustainable practices into its operations and investments to promote responsible banking and contribute to a better future.
KeyBank has committed to reducing its carbon footprint and promoting environmental sustainability. The bank also supports social initiatives, such as affordable housing and community development projects. KeyCorp’s corporate governance practices emphasize transparency, accountability, and ethical conduct.
KeyBank branches across the United States, highlighting its extensive network and accessibility to customers. The presence of branches in various locations demonstrates the bank’s commitment to serving diverse communities and providing convenient banking services.
17. How Does KeyBank Ensure Compliance with Banking Regulations?
KeyBank ensures compliance with banking regulations through robust internal controls, risk management systems, and regular audits, safeguarding its operations and maintaining its reputation as a responsible financial institution.
KeyBank has a dedicated compliance department that monitors and enforces adherence to banking regulations. The bank also conducts regular internal and external audits to identify and address any compliance gaps. KeyCorp’s risk management framework helps identify, assess, and mitigate potential risks.
18. What is KeyBank’s Strategy for Attracting and Retaining Customers?
KeyBank’s strategy for attracting and retaining customers involves providing excellent customer service, offering innovative financial products, and building strong relationships with its clients.
KeyBank invests in training its employees to provide exceptional customer service. The bank also leverages technology to offer convenient online and mobile banking services. KeyCorp’s relationship managers work closely with clients to understand their needs and provide tailored financial solutions.
19. How Does KeyBank Use Technology to Enhance Its Services?
KeyBank leverages technology to enhance its services by offering digital banking platforms, mobile apps, and data analytics tools, improving customer experience and operational efficiency.
KeyBank’s digital banking platforms allow customers to access their accounts, pay bills, and transfer funds online. The bank’s mobile apps provide convenient banking services on the go. Data analytics tools help KeyBank understand customer behavior and personalize its services.
20. What are KeyBank’s Key Strengths and Weaknesses?
KeyBank’s key strengths include its strong regional presence, diverse financial services, and commitment to community development. Its weaknesses may include exposure to economic cycles and competitive pressures.
KeyBank’s strong regional presence in the Midwest and Northeast provides a stable customer base. The bank’s diverse financial services, including commercial lending, wealth management, and investment banking, generate multiple revenue streams. KeyCorp’s commitment to community development enhances its reputation and strengthens its relationships with stakeholders.
Exposure to economic cycles can impact KeyBank’s profitability during downturns. Competitive pressures from larger banks and fintech companies can erode its market share.
21. How Does KeyBank’s Loan Portfolio Perform?
KeyBank’s loan portfolio performance is evaluated through metrics like loan growth, delinquency rates, and loan loss reserves, providing insights into its lending practices and credit quality.
KeyBank’s loan growth indicates its ability to expand its lending activities. Delinquency rates measure the percentage of loans that are past due. Loan loss reserves are set aside to cover potential losses from loan defaults.
22. What is KeyBank’s Dividend Policy?
KeyBank’s dividend policy aims to provide a steady stream of income to its shareholders while retaining sufficient capital to support its growth and operations.
KeyBank’s board of directors reviews the dividend policy regularly, considering factors such as profitability, capital adequacy, and economic conditions. The bank’s dividend yield reflects the annual dividend payment as a percentage of its stock price.
23. How Does KeyBank Manage Risk?
KeyBank manages risk through a comprehensive risk management framework that includes identifying, assessing, and mitigating potential risks across its operations.
KeyBank’s risk management framework includes credit risk, market risk, operational risk, and compliance risk. The bank uses various tools and techniques to measure and manage these risks. KeyCorp’s risk management committee oversees the implementation of the risk management framework.
24. What is KeyBank’s Capital Adequacy Ratio?
KeyBank’s capital adequacy ratio measures its ability to absorb losses and maintain financial stability, ensuring it can withstand economic shocks and regulatory requirements.
KeyBank’s capital adequacy ratio is calculated by dividing its capital by its risk-weighted assets. Regulatory authorities set minimum capital adequacy requirements to ensure banks have sufficient capital to support their operations.
25. How Does KeyBank Support Small Businesses?
KeyBank supports small businesses through lending programs, financial advice, and community development initiatives, helping them grow and contribute to the local economy.
KeyBank offers a range of loan products tailored to the needs of small businesses. The bank also provides financial advice and resources to help small business owners manage their finances. KeyCorp’s community development initiatives support small business growth in underserved areas.
26. What Community Development Programs Does KeyBank Support?
KeyBank supports community development programs focused on affordable housing, education, and economic empowerment, contributing to the well-being of the communities it serves.
KeyBank invests in affordable housing projects, providing financing and support to developers. The bank also supports educational programs, such as scholarships and financial literacy training. KeyCorp’s economic empowerment initiatives help individuals and families achieve financial stability.
27. How Does KeyBank Promote Financial Literacy?
KeyBank promotes financial literacy through educational programs, workshops, and online resources, empowering individuals to make informed financial decisions and improve their financial well-being.
KeyBank partners with community organizations to offer financial literacy workshops and seminars. The bank also provides online resources, such as articles, videos, and interactive tools, to help individuals learn about personal finance.
28. What is KeyBank’s Mobile Banking App Like?
KeyBank’s mobile banking app provides customers with convenient access to their accounts, allowing them to check balances, transfer funds, pay bills, and deposit checks remotely, enhancing their banking experience.
KeyBank’s mobile banking app is available for both iOS and Android devices. The app is user-friendly and provides a secure and convenient way to manage finances on the go.
29. How Does KeyBank Use Data Analytics?
KeyBank uses data analytics to understand customer behavior, personalize services, and improve operational efficiency, enhancing its competitiveness and customer satisfaction.
KeyBank analyzes customer data to identify trends and patterns. The bank uses data analytics to personalize marketing campaigns and offer tailored financial products. Data analytics also helps KeyBank optimize its operations and reduce costs.
30. What are KeyBank’s Fees and Interest Rates?
KeyBank’s fees and interest rates vary depending on the type of account and service, reflecting its pricing strategy and competitive positioning in the market.
KeyBank offers a range of checking accounts, savings accounts, and credit cards with different fee structures and interest rates. The bank’s fees and interest rates are competitive with those of other banks in its market.
31. How Safe is KeyBank?
KeyBank is a safe and secure financial institution, thanks to its robust risk management practices, regulatory oversight, and deposit insurance coverage, ensuring the protection of its customers’ assets.
KeyBank adheres to strict regulatory requirements and maintains a strong capital position. The bank’s deposits are insured by the FDIC, protecting depositors up to $250,000 per account.
32. What Happens if KeyBank Fails?
If KeyBank were to fail, the FDIC would step in to protect depositors, typically by either arranging for another bank to acquire KeyBank or by directly paying out insured deposits, minimizing disruption to customers.
The FDIC has a proven track record of resolving bank failures quickly and efficiently. Depositors would typically have access to their insured funds within a few days of a bank failure.
33. How Does KeyBank Support Diversity and Inclusion?
KeyBank supports diversity and inclusion through its hiring practices, supplier diversity programs, and community development initiatives, promoting equal opportunity and fostering a diverse workforce and customer base.
KeyBank has a diversity and inclusion program that aims to create a welcoming and inclusive environment for all employees. The bank also supports supplier diversity by partnering with minority-owned and women-owned businesses.
34. What is KeyBank’s Customer Service Like?
KeyBank’s customer service aims to provide helpful and responsive support through various channels, including branches, phone, and online, ensuring customer satisfaction and loyalty.
KeyBank invests in training its employees to provide excellent customer service. The bank also offers multiple channels for customers to contact customer service, including branches, phone, email, and online chat.
35. How Does KeyBank Handle Customer Complaints?
KeyBank handles customer complaints through a dedicated process that includes investigation, resolution, and follow-up, ensuring that customer concerns are addressed fairly and promptly.
KeyBank has a customer complaint resolution process that is outlined on its website. The bank investigates customer complaints thoroughly and works to resolve them to the customer’s satisfaction.
36. What Should I Do if I Have a Problem with KeyBank?
If you have a problem with KeyBank, you should first contact KeyBank’s customer service department to attempt to resolve the issue. If you are not satisfied with the resolution, you can file a complaint with regulatory agencies.
You can contact KeyBank’s customer service department by phone, email, or online chat. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) or the FDIC.
37. Where Can I Find KeyBank’s Routing Number?
KeyBank’s routing number can be found on its website, on your checks, or by contacting customer service, enabling you to set up direct deposits or electronic payments.
KeyBank’s routing number varies depending on the state and branch. You can find the correct routing number for your account on KeyBank’s website or on your checks.
38. How Can I Open an Account at KeyBank?
You can open an account at KeyBank online, in person at a branch, or by phone, providing you with convenient options to start your banking relationship.
You can open an account at KeyBank by visiting its website or a local branch. You will need to provide personal information, such as your name, address, and Social Security number.
39. Does KeyBank Offer Mortgages?
Yes, KeyBank offers mortgages with various terms and rates, providing financing options for homebuyers and homeowners looking to refinance.
KeyBank offers a range of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. You can apply for a mortgage online or at a local branch.
40. Does KeyBank Offer Credit Cards?
Yes, KeyBank offers credit cards with various rewards programs and benefits, providing customers with purchasing power and financial flexibility.
KeyBank offers a range of credit cards, including rewards cards, travel cards, and low-interest cards. You can apply for a credit card online or at a local branch.
41. What Are KeyBank’s Hours of Operation?
KeyBank’s hours of operation vary by branch, but most branches are open during regular business hours, with some offering extended hours or weekend service, providing customers with convenient access to banking services.
KeyBank’s hours of operation vary by branch. You can find the hours of operation for your local branch on KeyBank’s website.
42. Where Can I Find a KeyBank ATM?
You can find a KeyBank ATM using KeyBank’s website or mobile app, providing you with convenient access to cash withdrawals and other banking services.
KeyBank has a network of ATMs located throughout its service area. You can find the nearest KeyBank ATM using KeyBank’s website or mobile app.
43. How Can I Contact KeyBank Customer Service?
You can contact KeyBank customer service by phone, email, online chat, or in person at a branch, ensuring you have multiple options to get your questions answered and issues resolved.
KeyBank’s customer service phone number is listed on its website. You can also contact customer service by email or online chat.
44. Does KeyBank Have Online Bill Pay?
Yes, KeyBank offers online bill pay, allowing you to pay your bills electronically from your computer or mobile device, saving you time and hassle.
KeyBank’s online bill pay service is free for most customers. You can set up recurring payments and receive email reminders when bills are due.
45. How Can I Transfer Money to or from KeyBank?
You can transfer money to or from KeyBank using various methods, including online transfers, wire transfers, and mobile banking apps, providing you with convenient options for managing your funds.
You can transfer money to or from KeyBank using online transfers, wire transfers, or mobile banking apps. You can also visit a local branch to transfer money in person.
46. What is KeyBank’s Privacy Policy?
KeyBank’s privacy policy outlines how it collects, uses, and protects your personal information, ensuring your data is handled responsibly and securely.
KeyBank’s privacy policy is available on its website. The policy describes the types of information KeyBank collects, how it uses the information, and how it protects the information.
47. How Does KeyBank Protect Against Fraud?
KeyBank protects against fraud through various security measures, including encryption, fraud monitoring systems, and customer education, safeguarding your accounts and personal information from unauthorized access.
KeyBank uses encryption to protect your online banking transactions. The bank also monitors accounts for suspicious activity and provides customers with tips on how to protect themselves from fraud.
48. Does KeyBank Offer Investment Services?
Yes, KeyBank offers investment services through its wealth management division, providing personalized financial advice and investment solutions to help you achieve your financial goals.
KeyBank’s wealth management division offers a range of investment services, including financial planning, investment management, and retirement planning.
49. Does KeyBank Offer Insurance Services?
Yes, KeyBank offers insurance services through its insurance agency, providing coverage for your home, auto, and other assets, helping you protect yourself from financial loss.
KeyBank’s insurance agency offers a range of insurance products, including homeowners insurance, auto insurance, and life insurance.
50. What is KeyBank’s Mission Statement?
KeyBank’s mission statement focuses on helping its clients and communities thrive by providing financial solutions and building lasting relationships, reflecting its commitment to customer success and community development.
KeyBank’s mission statement is to help its clients and communities thrive. The bank strives to achieve this mission by providing excellent customer service, offering innovative financial products, and supporting community development initiatives.
Understanding who owns KeyBank and its financial standing provides valuable insights into its stability and strategic direction. By exploring these facets, stakeholders can make informed decisions and gain a deeper appreciation for KeyBank’s role in the financial industry. For more in-depth analysis and strategies to improve bank profitability, visit bankprofits.net today and unlock your financial potential. Our expert insights and proven methods can help you navigate the complexities of the banking world and achieve sustainable growth. Contact us at +1 (212) 720-5000 or visit our office at 33 Liberty Street, New York, NY 10045, United States.
FAQ: Frequently Asked Questions About KeyBank’s Ownership
1. Who is the ultimate owner of KeyBank?
KeyBank is a subsidiary of KeyCorp, a publicly traded company. Therefore, its ultimate owners are the shareholders of KeyCorp.
2. Can I buy stock in KeyBank directly?
No, you cannot buy stock directly in KeyBank. You can buy stock in its parent company, KeyCorp, which trades on the New York Stock Exchange (NYSE) under the ticker symbol KEY.
3. How can I find out who the largest shareholders of KeyCorp are?
Information about KeyCorp’s largest shareholders can be found in its annual reports, SEC filings (such as 10-K reports), and investor relations materials, all of which are publicly available.
4. Does the ownership structure of KeyBank affect its customers?
Yes, indirectly. The ownership structure influences KeyBank’s strategic decisions, financial stability, and overall performance, which can affect the products, services, and customer experience it provides.
5. How does KeyBank ensure it is acting in the best interests of its shareholders?
KeyBank aims to act in the best interests of its shareholders by focusing on profitability, growth, and sound financial management. It also adheres to corporate governance policies that promote transparency and accountability.
6. What regulatory bodies oversee KeyBank’s operations?
KeyBank’s operations are overseen by regulatory bodies such as the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC), ensuring compliance with banking regulations and protecting depositors’ interests.
7. Is KeyBank a member of the FDIC?
Yes, KeyBank is a member of the FDIC. This means that deposits held at KeyBank are insured up to $250,000 per depositor, per insured bank.
8. How does KeyBank contribute to the economy?
KeyBank contributes to the economy through lending to businesses, supporting community development, providing financial services to individuals, and creating jobs.
9. What is KeyBank’s strategy for future growth?
KeyBank’s strategy for future growth includes expanding its digital banking services, increasing its presence in key markets, and leveraging technological innovations to enhance customer experience and efficiency.
10. Where can I find KeyBank’s financial statements?
KeyBank’s financial statements can be found in KeyCorp’s annual reports and SEC filings, which are available on KeyCorp’s website and the SEC’s EDGAR database.
By understanding KeyBank’s ownership, you gain valuable insights into its operations and strategic direction. Visit bankprofits.net for more information and expert analysis on bank profitability.
