State Street Corporation (NYSE: STT), a bank holding company, reported a sharp increase in net income for the fourth quarter of 2024, aided by a 12% revenue growth.
Fourth-quarter revenue increased 12% Y-o-Y to $3.41 billion, helped by higher net interest income and fee revenueFee revenue increased by 13% in Q4, reflecting broad-based strength across the entire franchiseNet interest income increased 10% annually, aided by higher investment securities yields and double-digit loan growthNet income rose sharply to $783 million in Q4 from $210 million in the year-ago quarterOn a per-share basis, earnings climbed to $2.46 in the December quarter from $0.55 a year earlierReturn on average common equity was 12.7% in the fourth quarter, vs. 3.1% in the prior-year periodInvestment Servicing Assets under Custody / Administration as of quarter-end increased 11% to $46.6 trillionTotal expenses decreased 14% to $2.44 billion, reflecting the impact of special items in the current and prior year periods
The post Earnings Summary: State Street Corp. reports higher Q4 revenue and profit first appeared on AlphaStreet.
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