STATE STREET CORP [STT-PG] has reported a net loss of $1.9 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $11.9 billion
Based in BOSTON, Massachusetts, STATE STREET CORP operates in the FINANCE sector.
In the period ending December 31, 2023, the financial report shows a slight decrease in fee revenue compared to the same period in 2022. The total fee revenue for 2023 amounts to $9.48 million, while it was $9.61 million in 2022. This decline can be attributed to decreases in servicing fees, management fees, and foreign exchange trading services.
Net interest income, on the other hand, saw an increase from $2.54 million in 2022 to $2.76 million in 2023. This was mainly driven by a significant increase in interest income from $4.08 million in 2022 to $9.18 million in 2023. Interest expenses also rose but were outweighed by the boost in interest income.
Total revenue for the period ending December 31, 2023, amounted to $11.94 million, slightly down from $12.15 million in the previous year.
Expenses also increased in 2023, with compensation and employee benefits rising to $4.74 million from $4.43 million in 2022. Information systems and communications expenses, as well as other operating costs, also saw an uptick, leading to a total expense of $9.58 million in 2023.
Despite the increase in expenses, the income before income tax expense decreased from $3.33 million in 2022 to $2.32 million in 2023. The net income for 2023 stood at $1.94 million, down from $2.77 million in 2022.
Earnings per common share also witnessed a decline in 2023, with basic earnings per share dropping from $7.28 in 2022 to $5.65 in 2023, and diluted earnings per share decreasing from $7.19 in 2022 to $5.58 in 2023.
Overall, the financial results for the period ending December 31, 2023, reflect a mixed performance with a decrease in fee revenue and net income, offset by an increase in net interest income. The company will need to closely monitor its expenses to ensure sustainable growth in the future.