State Street said earnings per share for Q1 2024 were $1.37, down 10% from the same period a year earlier. It cited the FDIC special assessment, which rose by $130 million and lowered EPS by $0.32, as the main factor.

1. 01

   State Street said earnings per share for Q1 2024 were $1.37, down 10% from the same period a year earlier. It cited the FDIC special assessment, which rose by $130 million and lowered EPS by $0.32, as the main factor.

2. 02

   The company said total revenue for Q1 2024 rose 1% from a year earlier, as higher fee revenue was partly offset by lower NII. Total expenses increased 6%, and it said about 5 percentage points of that increase was due to the higher FDIC special assessment.

3. 03

   The company said return on equity for Q1 2024 was 7.7%, lower than 9.3% a year earlier, and its pre-tax margin was 19.1%, lower than 22.2%. It cited the higher FDIC special assessment as the main factor behind the decline.

4. 04

   State Street said AUC/A as of March 31, 2024 was $43.91 trillion, AUM was $4.34 trillion, consolidated total assets were $338.00 billion and consolidated total deposits were $251.88 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$3.1B

Net income

$463M

EPS

$1.37

Operating cash flow

−$844M

Analysis 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.

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.