Compared to Estimates, State Street (STT) Q1 Earnings: A Look at Key Metrics

Core Insights - State Street Corporation (STT) reported $3.14 billion in revenue for Q1 2024, a year-over-year increase of 1.2% [1] - The EPS for the same period was $1.69, compared to $1.52 a year ago, reflecting a significant increase [1] - The revenue exceeded the Zacks Consensus Estimate by 2.54%, while the EPS surprised by 14.19% [1] Financial Performance Metrics - Net interest margin (FTE) was 1.1%, slightly below the estimated 1.2% [2] - Average balance of total interest-earning assets reached $254.33 billion, surpassing the estimated $232.96 billion [2] - Basel III Advanced Approaches - Tier 1 Leverage Ratio stood at 5.4%, matching the average estimate [2] - Basel III Standardized Approach - Tier 1 capital ratio was 13.8%, exceeding the estimated 12.8% [2] - Assets under Management (AUM) totaled $4,336 billion, above the estimated $4,267.34 billion [2] - Basel III Standardized Approach - Total capital ratio was 14.9%, higher than the estimated 13.9% [2] - Assets under Custody and/or Administration (AUC/A) reached $43,912 billion, significantly above the estimated $36,298.53 billion [2] - Net Interest Income was $716 million, exceeding the estimated $667.49 million [2] - Total fee revenue was $2.42 billion, slightly below the estimated $2.45 billion [2] - Net Interest Income on a fully taxable-equivalent basis was $717 million, above the estimated $668.54 million [2] - Software and processing fees were $207 million, slightly above the estimated $205.62 million [2] - Other fee revenue reached $50 million, exceeding the estimated $37.81 million [2] Stock Performance - Shares of State Street have returned +2.9% over the past month, outperforming the Zacks S&P 500 composite's +1.6% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [2]