Bank holding company State Street Corporation (NYSE: STT) has announced financial results for the first quarter of 2024, reporting a decrease in net income despite higher revenues.
- First-quarter revenues edged up 1% year-over-year to $3.14 billion, reflecting an increase in fee revenue
- Net income was $463 million or $1.37 per share in the three months, compared to $549 million or $1.52 per share in the same quarter of last year
- Total expenses increased 6% to $2.51 billion, mainly due to higher salaries, headcount, and business investments
- The company returned around $308 million of capital in Q1, comprising $100 million of share repurchases and $208 million of dividends
- The standardized common equity tier-1 ratio at quarter-end was 11.1%, which marks a decrease of 1% point from 1Q23
- The liquidity coverage ratio (LCR) for State Street Corporation was about 107% in Q1, and the LCR for State Street Bank and Trust was around 130%