Revenue Performance - Total fee revenue for 2023 was $9.48 billion, a decrease from $9.61 billion in 2022[3] - Total revenue for 2023 was $11.95 billion, slightly down from $12.15 billion in 2022[3] - Total fee revenue increased by 10.8% YoY to $2,616 million in 3Q24, driven by growth in back office services, foreign exchange trading, and front office software and data[4] - Total revenue grew 21.1% YoY to $3,259 million in 3Q24, supported by strong fee revenue and net interest income growth[4] - Year-to-date total revenue for 2024 increased 7.7% to $9,588 million compared to the same period in 2023[4] - Total revenue for Q3 2024 increased by 20.9% to $3.259 billion compared to Q3 2023, driven by strong performance in fee revenue and net interest income[45] - Fee revenue grew by 10.6% to $2.616 billion in Q3 2024, with significant contributions from management fees (+10.0%) and foreign exchange trading services (+19.5%)[45] - YTD 2024 total revenue reached $9.588 billion, a 7.7% increase compared to YTD 2023, driven by growth in fee revenue (+5.3%) and net interest income (+4.4%)[45] - Total revenue, excluding notable items, reached $12,239 million in 2023, up from $11,703 million in 2020[43] Net Interest Income - Net interest income increased to $2.76 billion in 2023, up from $2.54 billion in 2022[3] - Net interest income rose 15.9% YoY to $723 million in 3Q24, with interest income up 32.3% and interest expense up 38.4%[4] - Net interest income increased by 5.8% YoY to $1,945 million in 3Q24 from $1,839 million in 3Q23[28] - Net interest income on a fully taxable-equivalent basis rose to $2.177 billion in 2024 from $2.085 billion in 2023[11] - Net interest income rose by 15.5% to $723 million in Q3 2024, reflecting improved lending and interest-related activities[45] Net Income and Earnings - Net income available to common shareholders was $1.82 billion in 2023, compared to $2.66 billion in 2022[3] - Diluted earnings per common share were $5.58 in 2023, down from $7.19 in 2022[3] - Net income surged 73.0% YoY to $730 million in 3Q24, with income before tax up 81.0%[4] - Net income available to common shareholders increased by 71.4% to $682 million in 3Q24 compared to 3Q23[6] - Basic earnings per common share rose by 80.3% to $2.29 in 3Q24 compared to 3Q23[6] - Net Income GAAP-basis for 3Q24 was $730 million, a 73.0% increase compared to 3Q23 and a 2.7% increase compared to 2Q24[40] - Year-to-Date Net Income for 2024 was $1,904 million, a 9.8% increase compared to YTD 2023[40] - Diluted earnings per share, GAAP-basis for 3Q24 was $2.26, an 80.8% increase compared to 3Q23 and a 5.1% increase compared to 2Q24[40] - Year-to-Date Diluted earnings per share for 2024 was $5.77, a 16.1% increase compared to YTD 2023[40] - Net Income Available to Common Shareholders, GAAP-basis for 3Q24 was $682 million, a 71.4% increase compared to 3Q23 and a 4.1% increase compared to 2Q24[40] - Year-to-Date Net Income Available to Common Shareholders for 2024 was $1,755 million, a 6.4% increase compared to YTD 2023[40] Assets Under Management and Custody - Assets under custody and/or administration increased to $41.81 trillion in 2023 from $36.74 trillion in 2022[3] - Assets under management rose to $4.13 trillion in 2023, up from $3.48 trillion in 2022[3] - Assets under custody and/or administration grew by 16.8% to $46,759 billion in 3Q24 compared to 3Q23[6] - Assets under management increased by 28.9% to $4,732 billion in 3Q24 compared to 3Q23[6] - Total Assets Under Management increased to $4.732 trillion in 3Q24, up 28.9% YoY and 8.3% QoQ[25] - Total assets under custody and/or administration increased by 16.8% to $46.759 billion in 3Q24 compared to 3Q23[22] - Collective funds, including ETFs, under custody and/or administration grew by 16.0% to $15.253 billion in 3Q24 compared to 3Q23[22] - Mutual funds under custody and/or administration increased by 18.5% to $12.223 billion in 3Q24 compared to 3Q23[22] - Equities under custody and/or administration rose by 20.7% to $27.715 billion in 3Q24 compared to 3Q23[22] - Fixed-income under custody and/or administration grew by 12.5% to $12.027 billion in 3Q24 compared to 3Q23[22] - Americas region assets under custody and/or administration increased by 18.5% to $33.460 billion in 3Q24 compared to 3Q23[22] - Europe/Middle East/Africa region assets under custody and/or administration grew by 13.7% to $10.214 billion in 3Q24 compared to 3Q23[22] - Total assets under custody increased by 15.6% to $33.667 billion in 3Q24 compared to 3Q23[22] Capital and Equity Ratios - Return on average common equity was 8.2% in 2023, down from 11.1% in 2022[3] - Common equity tier 1 ratio decreased to 11.6% in 2023 from 13.6% in 2022[3] - Total capital ratio was 15.2% in 2023, compared to 16.8% in 2022[3] - Return on average common equity improved by 4.7 percentage points to 12.0% in 3Q24 compared to 3Q23[6] - Common equity tier 1 ratio increased by 0.6 percentage points to 11.6% in 3Q24 compared to 3Q23[6] - Common equity tier 1 capital decreased from $14,029 million in 1Q23 to $14,071 million in 3Q24, with a corresponding common equity tier 1 risk-based capital ratio declining from 13.0% to 12.5%[29] - Tier 1 capital increased from $16,005 million in 1Q23 to $16,887 million in 3Q24, with the tier 1 risk-based capital ratio rising from 14.8% to 15.0%[29] - Total capital increased from $17,374 million in 1Q23 to $18,754 million in 3Q24, with the total risk-based capital ratio rising from 16.0% to 16.6%[29] - Leverage exposure increased from $268,747 million in 1Q23 to $305,699 million in 3Q24, with the tier 1 leverage ratio decreasing from 6.0% to 5.5%[29] - Tangible common equity increased from $14,247 million in 1Q23 to $14,480 million in 3Q24, with tangible book value per common share rising from $42.34 to $49.22[33] - Total risk-weighted assets increased from $108,296 million in 1Q23 to $121,137 million in 3Q24[29] - Supplementary leverage ratio decreased from 6.8% in 1Q23 to 6.4% in 3Q24[29] - Total shareholders' equity increased from $24,750 million in 1Q23 to $25,828 million in 3Q24[33] - Average tangible common shareholders' equity increased from $14,349 million in 1Q23 to $14,170 million in 3Q24[34] Expenses - Compensation and employee benefits expenses rose 4.8% YoY to $1,134 million in 3Q24[4] - Information systems and communications expenses increased 12.7% YoY to $463 million in 3Q24[4] - Total expenses increased by 5.2% YoY to $1,891 million in 3Q24 from $1,798 million in 3Q23[28] - Total expenses for Q3 2024 grew by 5.9% YoY to $2.308 billion, with a 1.7% sequential increase from Q2 2024[38] - Total expenses increased by 5.5% to $2.308 billion in Q3 2024, primarily due to higher compensation and employee benefits (+4.2%) and information systems and communications costs (+12.7%)[45] - Total non-compensation expenses YTD 2024 rose by 6.4% to $3.475 billion, driven by higher transaction processing and other operational costs[45] - Total expenses, excluding notable items, were $8,963 million in 2023, compared to $8,542 million in 2020[43] - FDIC special assessment impacted total expenses by $387 million in 2023[43] - Repositioning charges/release affected total expenses by $203 million in 2023[43] Asset and Liability Growth - Total assets grew by 17.5% to $314,640 million in 3Q24 compared to 3Q23[6] - Total deposits increased by 14.0% to $225,482 million in 3Q24 compared to 3Q23[6] - Total assets increased by 19.0% to $338,481 million in Q3 2024 compared to Q3 2023[7] - Loans, net grew by 18.4% to $41,799 million in Q3 2024 compared to Q3 2023[7] - Total deposits rose by 16.2% to $247,429 million in Q3 2024 compared to Q3 2023[7] - Investment securities available-for-sale, net increased by 36.8% to $56,853 million in Q3 2024 compared to Q3 2023[7] - Interest-bearing deposits with banks, net surged by 37.0% to $105,121 million in Q3 2024 compared to Q3 2023[7] - Allowance for credit losses on loans increased by 36.1% to $162 million in Q3 2024 compared to Q3 2023[7] - Non-interest-bearing deposits decreased by 12.2% to $31,448 million in Q3 2024 compared to Q3 2023[7] - Total liabilities grew by 19.9% to $312,653 million in Q3 2024 compared to Q3 2023[7] - Shareholders' equity increased by 9.3% to $25,828 million in Q3 2024 compared to Q3 2023[7] - Securities purchased under resale agreements rose by 31.5% to $8,334 million in Q3 2024 compared to Q2 2024[7] - Interest-bearing deposits with banks increased to $90,230 million in 1Q24, up 39.0% from 3Q23, with an average rate of 4.45%[10] - Total investment securities grew to $107,364 million in 3Q24, a 2.3% increase from 3Q23, with an average rate of 3.73%[10] - Loans increased to $39,782 million in 3Q24, up 15.2% from 3Q23, with an average rate of 5.79%[10] - Total interest-earning assets reached $269,506 million in 3Q24, a 21.1% increase from 3Q23, with an average rate of 4.55%[10] - Total assets grew to $314,640 million in 3Q24, up 17.5% from 3Q23[10] - U.S. interest-bearing deposits increased to $135,440 million in 3Q24, up 22.7% from 3Q23, with an average rate of 4.16%[10] - Total interest-bearing deposits rose to $201,264 million in 3Q24, a 19.0% increase from 3Q23, with an average rate of 3.35%[10] - Long-term debt increased to $20,258 million in 3Q24, up 11.8% from 3Q23, with an average rate of 5.27%[10] - Total deposits grew to $225,482 million in 3Q24, a 14.0% increase from 3Q23[10] - Net interest margin decreased to 1.07% in 3Q24, down from 1.31% in 1Q23[10] - Total interest-earning assets increased by 13.6% to $261.887 billion in 2024 compared to $230.613 billion in 2023[11] - Total investment securities decreased by 1.8% to $104.603 billion in 2024 from $106.537 billion in 2023[11] - Loans grew by 13.6% to $38.747 billion in 2024 from $34.096 billion in 2023[11] - Total interest-bearing deposits increased by 14.5% to $196.393 billion in 2024 from $171.532 billion in 2023[11] - Interest-bearing deposits with banks surged by 27.0% to $88.330 billion in 2024 from $69.551 billion in 2023[11] - Total other interest-earning assets rose by 26.4% to $22.872 billion in 2024 from $18.090 billion in 2023[11] - Non-interest-bearing deposits declined by 23.3% to $25.372 billion in 2024 from $33.096 billion in 2023[11] - Preferred shareholders' equity increased by 39.6% to $2.758 billion in 2024 from $1.976 billion in 2023[11] - Total liabilities and shareholders' equity grew by 12.1% to $306.532 billion in 2024 from $273.361 billion in 2023[11] Investment Securities - Government & agency securities in the available-for-sale portfolio increased from $23.1 billion in 1Q23 to $35.0 billion in 3Q24, with an average rate rising from 2.74% to 4.89%[15] - Total available-for-sale portfolio grew from $42.1 billion in 1Q23 to $57.3 billion in 3Q24, with an average rate increasing from 3.31% to 5.13%[15] - Asset-backed securities in the available-for-sale portfolio increased from $5.9 billion in 1Q23 to $7.6 billion in 3Q24, with an average rate rising from 4.43% to 5.53%[15] - Mortgage-backed securities in the available-for-sale portfolio grew from $2.2 billion in 1Q23 to $6.2 billion in 3Q24, with an average rate increasing from 3.72% to 5.36%[15] - Total held-for-maturity portfolio decreased from $65.0 billion in 1Q23 to $50.1 billion in 3Q24, with an average rate rising from 1.97% to 2.12%[16] - Total investment securities decreased from $107.1 billion in 1Q23 to $107.4 billion in 3Q24, with an average rate increasing from 2.50% to 3.73%[16] - Government & agency securities in the held-for-maturity portfolio decreased from $18.8 billion in 1Q23 to $10.1 billion in 3Q24, with an average rate decreasing from 0.88% to 0.82%[16] - Mortgage-backed securities in the held-for-maturity portfolio decreased from $37.1 billion in 1Q23 to $32.1 billion in 3Q24, with an average rate remaining stable at around 2.22%[16] - The available-for-sale portfolio had a fair value of $56.8 billion, with 53% in UST/AGY, 31% in AAA, and 11% in AA-rated securities[17] - The held-for-maturity portfolio had an amortized cost of $49.5 billion, with 86% in UST/AGY and 6% in AAA-rated securities[17] Credit Losses and Allowances - Allowance for credit losses ending balance increased by 27.6% to $171 million in 3Q24 compared to 3Q23[19] - Loans under allowance for credit losses grew by 36.1% to $162 million in 3Q24 compared to 3Q23[19] Regional and Segment Performance - Americas region assets under custody and/or administration increased by 18.5% to $33.460 billion in 3Q24 compared to 3Q23[22] - Europe/Middle East/Africa region assets under custody and/or administration grew by 13.7% to $10.214 billion in 3Q24 compared to 3Q23[22] - Americas AUM grew to $3.448 trillion in 3Q24, a 27.6%

Wall Street analysts forecast that State Street Corporation (STT) will report quarterly earnings of $2.08 per share in its upcoming release, pointing to a year-over-year increase of 7.8%. It is anticipated that revenues will amount to $3.18 billion, exhibiting an increase of 18.1% compared to the year-ago quarter.Over the last 30 days, there has been an upward revision of 1.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective recons ...

State Street Corporation (STT) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be release ...

Shares of State Street Corporation (STT, Financial) have proved an excellent investment of late. The stock has delivered a total return of roughly 33% over the past year. Despite this move higher, the stock trades at just 10.8x consensus full year 2024 earnings per share and offers a dividend yield of 3.4%. Comparably, the S&P 500 trades at roughly 23x forward earnings while the financial sector, proxied by the Financial Select Sector SPDR ETF (XLF) trades at roughly 17x forward earnings. While a low valuat ...

This is the official page of Croatian-American media personality Albert Anthony. Since 2023 he has been a contributor to global financial media portal Seeking Alpha, reaching +1MM investors worldwide & his content often averaging +25,000 views monthly. As an independent contributor, his content on the Seeking Alpha portal provides curated analysis of stocks trading on major US exchanges, with a strong focus on the financials and tech sector, and building a diversified dividend income portfolio, but also a f ...

State Street Corp.’s (STT) asset management business, State Street Global Advisors, announced its partnership with Apollo Global Management Inc. (APO) and its affiliates to enhance investors' accessibility to private market opportunities.Rationale Behind State Street’s CollaborationApollo specializes in high-quality private credit origination that includes both corporate lending and asset-backed finance. As of June 30, 2024, APO reported $146 billion of debt origination in the last 12 months, aided by its c ...

State Street Corp.’s (STT) shares have touched a 52-week high of $87.27 on Friday. The stock closed the session a tad lower at $87.10, gaining 17.7% in the past six months.The stock has outperformed the industry, the S&P 500 Index, and its peers KeyCorp (KEY) , Comerica Inc. (CMA) and Northern Trust Corp. (NTRS) in the same time frame.Six-Month Price Performance Chart Image Source: Zacks Investment Research STT’s improving fee income through strategic buyouts and business servicing wins, alongside a solid b ...

Investment Announcement - State Street Corporation's asset management unit, State Street Global Advisors, has announced a 5% equity investment in Australian fintech platform Raiz Invest Limited [1] - The partnership aims to combine State Street's market expertise with Raiz's mobile-first platform, enhancing access to micro-investments for retail investors in Australia [1] Strategic Goals - The investment aligns with State Street's strategy to collaborate with wealth firms that share a commitment to helping investors manage their investments and savings for retirement [2] - Both companies aim to provide financial literacy content and investment education tools to Raiz customers, benefiting a range of investors from beginners to experienced [2][3] Recent Developments - State Street has been expanding its scale through restructuring and inorganic growth, including the acquisition of CF Global Trading in February 2024 to enhance outsourced trading capabilities [3] - The company has also focused on broadening its product offerings and enhancing fee income through partnerships, such as with Taurus SA for digital asset solutions and Galaxy Asset Management for digital asset strategies [3] Market Performance - Year-to-date, State Street shares have increased by 8.5%, while the industry has seen a growth of 20.9% [3]

Core Viewpoint - State Street Corp. has formed a strategic partnership with Taurus SA to enhance its digital asset solutions, focusing on providing reliable digital asset capabilities to its clients [1][2]. Group 1: Partnership Details - The partnership will allow State Street to utilize Taurus' comprehensive solutions for custody, tokenization, and node-management, automating the issuance and servicing of digital assets [1]. - Taurus is recognized as a leading digital asset infrastructure provider, backed by Credit Suisse and owned by UBS, catering to large financial institutions [1]. Group 2: Focus on Tokenization - State Street will initially concentrate on tokenized versions of traditional assets, reflecting the high institutional demand for digital assets as a hedge against inflation and for diversification [2]. - The collaboration aims to position State Street as a leader in the digital asset space, enhancing the client experience [2]. Group 3: Product Utilization - State Street will leverage three of Taurus' key products: Taurus-PROTECT, Taurus-CAPITAL, and TaurusEXPLORER, which facilitate the creation, management, and blockchain connectivity of tokenized assets [3]. - This partnership is expected to positively impact U.S. financial markets, which have been lagging behind Europe due to regulatory challenges [3]. Group 4: Broader Industry Context - The move aligns with State Street's strategy to expand its product offerings and strengthen fee income, following previous collaborations to enhance exposure to digital asset strategies [3]. - Other financial firms, such as Morgan Stanley and Robinhood, are also taking steps to enter the digital asset market, indicating a growing trend in the industry [5][6].

It is a good idea to add State Street (STT) stock to your portfolio now as it benefits from solid business servicing wins, strategic acquisitions, global reach and efforts to technologically upgrade operations. Its steady capital distribution activities are likely to continue enhancing shareholder value.Analysts seem optimistic about the company’s earnings growth prospects. Over the past 30 days, the Zacks Consensus Estimate for earnings has been revised marginally upward for 2024 and 2025. The stock curren ...