Bank holding company State Street Corporation (NYSE: STT) has announced financial results for the second quarter of 2023, reporting an increase in net income and revenues.
- Second-quarter revenues increased by 5% year-over-year to $3.11 billion, reflecting higher net interest income and fee revenue
- Net income was $763 million or $2.17 per share in the three-month period, compared to $747 million or $1.91 per share in the same quarter of last year
- Total expenses increased 5% to $2.21 billion, mainly due to higher salaries, headcount, and business investments
- The company returned around $1.3 billion of capital in Q2, consisting of $1.05 billion of share repurchases and $203 million of dividends
- State Street announced its plan to increase the common stock dividend by 10% for the third consecutive year
- The company will continue the execution of its share repurchase authorization of up to $4.5 billion during 2023