State Street Q1 Profit Climbs 19% to $764M, Revenue Hits $3.7B
State Street's Q1 net profit rose 19% to $764m with revenue up 16% to $3.7bn, driven by stronger fee income despite a 15% rise in expenses. Assets under custody climbed 17% to $54.5tn; assets under management rose 20% to $5.6tn, with a 23% stake in Groww AMC agreed.
1. Q1 Financial Results
The company posted net profit of $764m in Q1, up 19% year-on-year, with diluted EPS rising 22% to $2.49. Revenue increased 16% to $3.7bn, underpinned by stronger fee and net interest income, while operating expenses grew 15% and a $16m provision for credit losses was recorded.
2. Asset Growth Metrics
Assets under custody and administration reached $54.5tn at quarter-end, a 17% increase driven by market movements, net new business and currency effects. Assets under management climbed 20% to $5.6tn, supported by robust market performance and net inflows, including $365bn in new servicing wins.
3. Shareholder Returns and Strategic Investment
During the quarter the firm returned $633m to common shareholders through $400m of share repurchases and $233m of dividends ($0.84 per share). The company also agreed to acquire a 23% stake in India’s Groww AMC to enhance its presence in the growing Indian asset management sector.