Q4 2024 State Street Corp Earnings Call Transcript
Key Points
- State Street Corp (STT) reported a strong close to 2024 with a 7% increase in full-year fee revenue and a 9% increase in total revenue.
- The company achieved a record full-year EPS of $8.21, up from $5.58 in 2023, with a 13% year-over-year growth excluding notable items.
- State Street Corp (STT) generated over $2.3 trillion in AUC/A wins in 2024, with $1.1 trillion in Q4 alone, demonstrating strong sales performance.
- The Investment Management franchise achieved record management fees and generated $146 billion of net new assets in 2024, indicating robust growth.
- The company returned $2.2 billion of capital to shareholders in 2024, including common share repurchases and a 10% increase in quarterly dividends.
- State Street Corp (STT) faced a headwind of roughly 1 percentage point to year-on-year growth due to a previously disclosed client transition.
- The company experienced pricing headwinds and lower client activity, which impacted servicing fee growth.
- Despite strong performance, the company anticipates a headwind of nearly 1 percentage point to servicing fee revenue in 2025 due to client transitions.
- The company's CET1 ratio decreased by approximately 70 basis points quarter on quarter, indicating some pressure on capital levels.
- State Street Corp (STT) expects NII to be roughly flat for 2025, with potential fluctuations due to global monetary policy and deposit mix.
Good morning and welcome to State Street Corporation's fourth-quarter and full-year 2024 earnings conference call and webcast. Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street. We ask that you please hold all questions until the completion of the formal remarks at which time we will be given instructions for the question-and-answer session.
Today's discussion is being broadcasted 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 for rebroadcast or 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 hand the call over to Elizabeth Lynn.
Good morning and thank you all for joining
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