AI English summary of an SEC filing — figures as filed
State Street STTThe company said its EPS fell to $5.58 in 2023, down 22% from 2022. It said total revenue decreased 2% and total expenses increased 9%. The company explained that notable items in 2023 reduced EPS in aggregate by $2.08.
Key points
AI summaryThe company said its EPS fell to $5.58 in 2023, down 22% from 2022. It said total revenue decreased 2% and total expenses increased 9%. The company explained that notable items in 2023 reduced EPS in aggregate by $2.08.
State Street cited the following notable items for 2023: a loss on the sale of investment securities of about $294 million, an FDIC special assessment of $387 million, net repositioning charges of about $203 million, and other net expenses of about $30 million.
The company said it returned about $4.6 billion to shareholders in 2023 through common share repurchases and common stock dividends (about $2.4 billion in 2022). It said it repurchased 49.2 million shares, or about $3.8 billion, in 2023. Its Board approved a new share repurchase program of up to $5.0 billion in January 2024.
The company said its standardized CET1 capital ratio fell from 13.6% at the end of 2022 to 11.6% at the end of 2023, and its Tier 1 leverage ratio fell from 6.0% to 5.5%. It issued senior notes and other debt on January 2023, May, August and November, and disclosed that it redeemed senior notes of $500 million on December 3.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $11.9B
- Net income
- $1.9B
- EPS
- $5.58
- Operating cash flow
- $690M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 EPS, Revenue and Expense Changes
The company said its EPS fell to $5.58 in 2023, down 22% from 2022. It said total revenue decreased 2% and total expenses increased 9%. The company explained that notable items in 2023 reduced EPS in aggregate by $2.08.
Source · Based on the MD&A text of the filing
2023 Notable Items
State Street cited the following notable items for 2023: a loss on the sale of investment securities of about $294 million, an FDIC special assessment of $387 million, net repositioning charges of about $203 million, and other net expenses of about $30 million.
Source · Based on the MD&A text of the filing
2023 Shareholder Returns and New Share Repurchase Program
The company said it returned about $4.6 billion to shareholders in 2023 through common share repurchases and common stock dividends (about $2.4 billion in 2022). It said it repurchased 49.2 million shares, or about $3.8 billion, in 2023. Its Board approved a new share repurchase program of up to $5.0 billion in January 2024.
Source · Based on the MD&A text of the filing
Capital Ratios and 2023 Senior Notes Issuance
The company said its standardized CET1 capital ratio fell from 13.6% at the end of 2022 to 11.6% at the end of 2023, and its Tier 1 leverage ratio fell from 6.0% to 5.5%. It issued senior notes and other debt on January 2023, May, August and November, and disclosed that it redeemed senior notes of $500 million on December 3.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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