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State Street Corporation (STT-0.44%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $13 billion for 2024, an increase from $11.9 billion in 2023. This growth was driven by higher fee revenue and net interest income.
Total fee revenue rose by 7% to $10.2 billion, primarily due to increased management fees, foreign exchange trading services, and servicing fees.
Net interest income increased by 6% to $2.9 billion, largely due to higher investment securities yields and loan growth, despite a shift in deposit mix towards interest-bearing deposits.
State Street reported a provision for credit losses of $75 million in 2024, up from $46 million in 2023, mainly reflecting an increase in loan loss reserves.
Total expenses decreased by 1% to $9.5 billion, as higher business investments were offset by productivity savings and the net impact of notable items.
The company declared common stock dividends of $2.90 per share, totaling $859 million, and repurchased approximately $1.3 billion of its common stock.
Assets under custody and/or administration (AUC/A) increased by 11% to $46.56 trillion, while assets under management (AUM) rose by 15% to $4.72 trillion, driven by higher market levels and net inflows.
State Street's standardized CET1 capital ratio was 10.9% as of December 31, 2024, compared to 11.6% at the end of 2023, reflecting increased capital return and higher RWA deployment.
The company completed the consolidation of its final joint venture in India, contributing to a 13% increase in headcount as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the State Street Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.