In this news:
State Street Corporation STT shares are trading lower on Friday.
The company reported fourth quarter adjusted earnings per share of $2.60, beating the street view of $2.43. Quarterly sales of $3.412 billion (+12%) outpaced the analyst consensus estimate of $3.320 billion.
The total provision for credit losses was $12 million in the fourth quarter of 2024, mainly due to higher loan loss reserves for certain commercial real estate loans. However, provision for credit losses fell 40% year over year in the quarter underreview.
Fee revenue grew by 13%, driven by strong performance across the business. Servicing fees rose by 6%, management fees increased by 20%, FX trading services grew by 17%, securities finance went up by 22%, and software and processing fees increased by 9%.
Net interest income increased 10% compared to fourth quarter, largely due to higher investment securities yields and double-digit loan growth, partially offset by deposit mix shift.
