State Street (STT) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - State Street Corporation reported a revenue of $3.34 billion for the quarter ended September 2024, reflecting a year-over-year increase of 24.1$2.26, compared to $1.93 in the same quarter last year, resulting in an EPS surprise of 8.65$2.08 [1] Financial Metrics - Basel III Advanced Approaches - Tier 1 Leverage Ratio was reported at 5.5%, matching the average estimate [2] - Net interest margin (FTE) stood at 1.1%, consistent with the average estimate [2] - Assets under Management (AUM) reached $4,732 billion, exceeding the estimated$4,537.25 billion [2] - Basel III Standardized Approach - Tier 1 capital ratio was 13.9%, above the estimated 13.4% [2] - Average balance of Total interest-earning assets was $269.51 billion, surpassing the estimated$253.44 billion [2] - Basel III Standardized Approach - Total capital ratio was reported at 15.6%, exceeding the average estimate of 14.5% [2] - Assets under Custody and/or Administration (AUC/A) totaled $46,759 billion, significantly higher than the estimated$38,959.63 billion [2] - Total fee revenue was $2.62 billion, above the average estimate of$2.50 billion [2] - Net Interest Income on a fully taxable-equivalent basis was $724 million, compared to the average estimate of$694.50 million [2] - Net Interest Income was reported at $723 million, exceeding the average estimate of$693.41 million [2] - Software and processing fees reached $208 million, slightly above the estimated$202.63 million [2] - Other fee revenue was $125 million, significantly higher than the average estimate of$44.96 million [2] Stock Performance - State Street shares have returned +6.4% over the past month, outperforming the Zacks S&P 500 composite's +4.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]