State Street Corporation (NYSE:STT) Q2 2023 Earnings Call Transcript July 14, 2023 State Street Corporation beats earnings expectations. Reported EPS is $2.17, expectations were $2.1. Operator: Good morning and welcome to State Street Corporation Second Quarter 2023 Earnings Conference Call and Webcast. Today’s discussion is being broadcast live on State Street’s website at investors.statestreet.com. This […]
As traditional revenue lines declined at the custodian as a result of market forces, front-office software sales made big gains in its quarterly results.
The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.
After seeing deposit increase over the second half of March, CFO Dermot McDonogh restated the New York custody giant's guidance for a 20% year-over-year jump in spread income, hinting the company might actually overshoot its target.