State Street(STT) - 2025 Q1 - Quarterly Results

Revenue and Income - Total revenue for 2024 reached $13,000 million, a 8.8% increase from $11,945 million in 2023[4] - Net income available to common shareholders for 2024 was $2,483 million, compared to $1,821 million in 2023, reflecting a 36.4% increase[4] - Total revenue for Q1 2025 was $3,284 million, reflecting a 4.7% increase year-over-year, but a 3.8% decline sequentially from Q4 2024[42] - Net income available to common shareholders for Q1 2025 was $597 million, down from $728 million in Q4 2024[37] - Net income on a GAAP basis for Q1 2025 was $644 million, reflecting a 39.1% increase year-over-year but a 17.8% decline from the previous quarter[45] - The net income excluding notable items for Q1 2025 was $644 million, a 14.6% increase year-over-year, but a 21.8% decrease from Q4 2024[45] Assets and Management - Assets under custody and/or administration increased to $46.56 trillion in 2024, up from $41.81 trillion in 2023, marking a 11.7% growth[4] - Total assets increased to $337,291 million in Q1 2025, reflecting a 3.1% increase from Q4 2024 and a 13.0% increase year-over-year[8] - Total assets increased to $372.693 billion, reflecting a 10.3% year-over-year growth and a 5.5% increase from the previous quarter[11] - Total assets under custody and/or administration reached $46.733 billion in 1Q25, marking a 6.4% increase year-over-year[26] - Assets under management totaled $4,665 billion in Q1 2025, a decrease of 1.1% from Q4 2024 but an increase of 8.5% year-over-year[8] Earnings and Margins - The diluted earnings per common share for 2024 was $8.21, up from $5.58 in 2023, representing a 47.5% increase[4] - Basic earnings per share for Q1 2025 were $2.07, down 17.2% from Q4 2024 but up 50.0% from Q1 2024[8] - The pre-tax margin on a GAAP basis for Q1 2025 was 25.0%, a 5.9 percentage point increase from Q1 2024, but a 3.1 percentage point decrease from Q4 2024[47] - Return on average common equity for 2024 was 11.1%, consistent with the previous year[4] - Return on average common equity on a GAAP basis for Q1 2025 was 10.6%, an increase of 2.9 percentage points year-over-year, but a decrease of 2.1 percentage points from Q4 2024[47] Expenses - The total expenses for Q1 2025 were $2,450 million, a slight increase of 0.4% from $2,440 million in Q4 2024[6] - Total expenses for Q1 2025 amounted to $2,450 million, showing a 2.5% decrease compared to Q1 2024 and a slight increase of 0.4% from Q4 2024[42] - Compensation and employee benefits in Q1 2025 were $1,262 million, a 4.1% increase from $1,212 million in Q4 2024[51] Credit Losses and Provisions - The provision for credit losses in 1Q25 was $12 million, a significant decrease of 55.6% from $27 million in 1Q24[6] - The allowance for credit losses on loans rose to $176 million, a 30.4% increase year-over-year[11] - The total provision for credit losses in 1Q25 was $12 million, consistent with the previous quarter[24] - The total charge-offs for credit losses were $9 million in 1Q25, a decrease of 71.0% compared to the previous year[24] Deposits and Loans - Total deposits reached $243,036 million in Q1 2025, marking a 2.5% increase from Q4 2024 and an 11.0% increase from Q1 2024[8] - Total deposits reached $272.056 billion, an 8.0% increase year-over-year and a 3.9% rise from the previous quarter[11] - Loans, net increased to $44.509 billion, showing a 15.6% growth compared to Q1 2024[11] Investment and Securities - The average balance sheet for investment securities in 2024 was $104,784 million, down from $105,765 million in 2023[4] - Total investment securities amounted to $110.070 billion in Q1 2025, reflecting an average rate of 3.51%[17] - The fair value of mortgage-backed securities in the available-for-sale portfolio was $8.5 billion, with a net unrealized pre-tax MTM loss of $62 million[21] Capital and Ratios - Common equity tier 1 capital increased from $13,167 million in 1Q24 to $14,362 million in 1Q25, reflecting a growth of 9.1%[34] - The total risk-weighted assets rose from $112,161 million in 1Q24 to $130,208 million in 1Q25, an increase of 16.1%[34] - The common equity tier 1 risk-based capital ratio improved from 11.7% in 1Q24 to 12.5% in 1Q25[34] - The Tier 1 leverage ratio remained stable at 5.5% in 1Q25, consistent with the previous quarter[34] Fee Revenue - Total fee revenue for 1Q25 was $2,570 million, a 6.1% increase compared to $2,422 million in 1Q24[6] - Total fee revenue increased by 6.1% from 2,570 million in 1Q24 to 2,688 million in 1Q25, while it decreased by 3.5% compared to 4Q24[32] - Management fees for Investment Management increased by 10.2% from 510 million in 1Q24 to 562 million in 1Q25[32]