Summary
State Street Corporation's (STT) Q2 2012 filing reveals a mixed financial performance, with total revenue experiencing a slight decline of 3% year-over-year, primarily driven by a 6% drop in fee revenue. This was partially offset by a significant 17% increase in net interest revenue, which benefited from higher interest-earning assets and improved yields. Despite the revenue pressure, total expenses remained flat compared to the prior year, aided by a reduction in compensation and employee benefits. The company also announced a significant acquisition, agreeing to purchase Goldman Sachs Administration Services (GSAS) for approximately $550 million, expanding its hedge fund administration capabilities.
Financial Highlights
36 data pointsBeta
Financial Statements
Beta
| Revenue | $2.42B |
| Interest Expense | $114.00M |
| Net Income | $490.00M |
| EPS (Basic) | $1.00 |
| EPS (Diluted) | $0.98 |
| Shares Outstanding (Basic) | 481.40M |
| Shares Outstanding (Diluted) | 488.52M |
Key Highlights
- 1Total revenue decreased by 3% to $2.42 billion in Q2 2012 compared to Q2 2011, mainly due to a 6% decline in fee revenue.
- 2Net interest revenue saw a robust increase of 17% to $672 million, driven by higher interest-earning assets and improved yields.
- 3Total expenses remained stable year-over-year at $1.77 billion, with compensation and employee benefits expenses decreasing by 7%.
- 4State Street announced an agreement to acquire Goldman Sachs Administration Services (GSAS) for approximately $550 million, aiming to enhance its hedge fund administration business.
- 5The company repurchased approximately 11.1 million shares of common stock for $480 million under its authorized share repurchase program.
- 6Total assets under custody and administration stood at $22.42 trillion, while assets under management were $1.91 trillion as of June 30, 2012.
- 7Net income available to common shareholders decreased by 4% to $480 million, resulting in diluted earnings per share of $0.98.