Q2 2024 State Street Corp Earnings Call Transcript
Key Points
- State Street Corporation (STT) reported a 3% year-over-year revenue growth, driven by higher net interest income and fee revenues.
- The company achieved a return on equity of nearly 12% for the quarter.
- Management fees increased by 11% year over year, with assets under management (AUM) reaching a record $4.4 trillion.
- State Street Corporation (STT) announced a planned 10% increase in its quarterly common stock dividend, subject to Board approval.
- The company successfully consolidated its second operations joint venture in India, which is expected to unlock further productivity savings.
- Second quarter EPS was slightly lower at $2.15 compared to $2.17 in the year-ago period.
- Servicing fees declined 2% year on year due to pricing headwinds and lower client activity.
- The pace of quarterly installations tracked below expectations in the first and second quarters.
- Global Advisors experienced aggregate net outflows in the quarter, driven by client rebalancing.
- The financial market context was mixed, with fixed income markets struggling and gains in equity markets narrowly concentrated in a few names.
Good morning, and welcome to State Street Corporation's Second Quarter 2024 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors.statestreet.com.
This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded or rebroadcast for distribution in whole or in part without the express written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.
Now I would like to introduce Liz Lynn, Global Head of Investor Relations at State Street.
Good morning and thank you all for joining us. On our call today, our CEO Ron O'Hanley will speak first. Then Eric Aboaf, our CFO, will take you through our second quarter 2024 earnings presentation, which is available for download on the Investor Relations section of our website,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
