State Street Corporation (NYSE: STT), a bank holding company, has announced financial results for the second quarter of 2024, reporting a decrease in net income despite higher revenues.
- Second-quarter revenue increased 3% Y-o-Y to $3.19 billion, reflecting higher net interest income and fee revenue
- Fee revenue increased 2%, primarily reflecting higher management fees and FX trading services revenue
- Net interest income increased 6% annually in Q2, aided by higher investment securities yields and loan growth
- Net income decreased to $711 million in Q2 from $763 million in the year-ago quarter
- On a per-share basis, earnings dropped to $2.15 in the June quarter from $2.17 a year earlier
- Return on average common equity was 11.9% in the second quarter, vs. 13.0% in the prior-year period
- Investment Servicing Assets under Custody / Administration as of quarter-end increased 12% to $44.3 trillion
- Total expenses increased by 3%, as continued business investments and revenue-related costs were partially offset by productivity savings
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