As of September 30, 2024, State Street Corporation reported total assets of $338.48 billion, a significant increase from $297.26 billion at the end of 2023. Total deposits rose to $247.43 billion, up from $220.97 billion, while total shareholders' equity increased to $25.83 billion from $23.80 billion. The company managed $46.76 trillion in Assets Under Custody/Administration (AUC/A) and $4.73 trillion in Assets Under Management (AUM), reflecting a 17% and 29% increase, respectively, compared to the previous year.
In the third quarter of 2024, State Street's total revenue reached $3.26 billion, a 21% increase from $2.69 billion in Q3 2023. This growth was primarily driven by higher fee revenue and net interest income (NII), which rose by 16% to $723 million. The company reported earnings per share (EPS) of $2.26, an 81% increase from $1.25 in the same quarter last year. Net income for the quarter was $730 million, compared to $422 million in Q3 2023.
Total expenses for Q3 2024 increased by 6% to $1.83 billion, influenced by higher business investments and performance-related costs, although productivity savings partially offset these increases. The pre-tax margin improved to 28.4%, up from 19.0% in Q3 2023, and return on equity rose to 12.0% from 7.3%.
State Street's fee revenue for Q3 2024 totaled $2.62 billion, an 11% increase year-over-year, with servicing fees up 3% and management fees up 10%. The foreign exchange trading services revenue surged by 19%, aided by higher client volumes and a recovery from FX litigation. Notably, the company returned $674 million to shareholders through dividends and share repurchases during the quarter.
Strategically, State Street announced a new common share repurchase program in January 2024, authorizing up to $5 billion in stock buybacks. In Q3 2024, the company repurchased $450 million of its common stock, totaling $750 million for the nine months ended September 30, 2024. Additionally, the company issued $1.2 billion in fixed-rate senior notes due 2027 and redeemed $500 million of preferred stock in September 2024.
The company’s workforce increased to approximately 53,000 employees, reflecting a 24% rise compared to the previous year, primarily due to the consolidation of two joint ventures in India. The allowance for credit losses increased to $63 million, driven by higher loan loss reserves related to commercial real estate and leveraged loans.
About STATE STREET CORP
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