State Street (STT) Reports Q2 Earnings: What Key Metrics Have to Say

Core Insights - State Street Corporation reported revenue of $3.19 billion for the quarter ended June 2024, reflecting a year-over-year increase of 2.6$2.15, slightly down from $2.17 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of$3.15 billion, resulting in a surprise of +1.36% [1] - The company achieved an EPS surprise of +6.97%, with the consensus EPS estimate being $2.01 [1] Financial Metrics - Net interest margin (FTE) was reported at 1.1$261.74 billion, surpassing the four-analyst average estimate of $250.50 billion [2] - Basel III Advanced Approaches - Tier 1 Leverage Ratio stood at 5.3$4,415 billion, exceeding the estimated $4,318.27 billion [2] - Basel III Standardized Approach - Total capital ratio was reported at 15$44,312 billion, significantly higher than the two-analyst average estimate of $37,496.93 billion [2] - Total fee revenue was$2.46 billion, matching the five-analyst average estimate [2] - Net Interest Income on a fully taxable-equivalent basis was $736 million, exceeding the estimated$697.06 million [2] - Net Interest Income was reported at $735 million, above the average estimate of$696.04 million [2] - Software and processing fees were $214 million, slightly below the estimated$214.97 million [2] - Other fee revenue was $48 million, exceeding the average estimate of$43.02 million [2] Stock Performance - Shares of State Street have returned +10.1% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]