State Street sees $30m leap in securities revenue
26 January 2015 Boston
Image: Shutterstock
State Street has reported an increase of almost 40 percent in its securities finance revenue.
In its figures for Q4 of 2014, it revealed securities finance revenue of $106 million, a 39.5 percent increase on the figure for Q4 2013, which reached $76 million. The Q4 revenue was also a 7.1 percent increase on Q3 2014, which was $99 million.
The substantial jump has been attributed to higher spreads and an increase of new business in enhanced custody.
State Street also revealed a successful year for assets under management, with new assets managed totalling $7 billion in Q4 and $28 billion over the full year.
In asset servicing, new commitments totalled $400 million in Q4 and $1.1 billion over the whole year.
In Q4 2014, the figure for earnings per common share was $1.24, a drop from $1.26 in Q3 2014, but an increase on Q4 2013, which was $1.22.
There was also an increase in overall revenue, which reached $2.63 billion in Q4 2014, an increase from $2.58 billion in Q3 2014, and from $2.46 billion in Q4 2013.
Chairman and CEO Joseph Hooley said: "Our fourth-quarter and full-year 2014 results reflect strength across our asset servicing and asset management businesses.”
He added: "We are pleased we completed our Business Operations and Information Technology Transformation program at the end of 2014 as planned and I want to acknowledge the efforts of the entire State Street team for helping us complete this important initiative.”
“Managing expenses and continuing to drive efficiencies remain ongoing priorities, despite continued pressure from regulatory costs."
In its figures for Q4 of 2014, it revealed securities finance revenue of $106 million, a 39.5 percent increase on the figure for Q4 2013, which reached $76 million. The Q4 revenue was also a 7.1 percent increase on Q3 2014, which was $99 million.
The substantial jump has been attributed to higher spreads and an increase of new business in enhanced custody.
State Street also revealed a successful year for assets under management, with new assets managed totalling $7 billion in Q4 and $28 billion over the full year.
In asset servicing, new commitments totalled $400 million in Q4 and $1.1 billion over the whole year.
In Q4 2014, the figure for earnings per common share was $1.24, a drop from $1.26 in Q3 2014, but an increase on Q4 2013, which was $1.22.
There was also an increase in overall revenue, which reached $2.63 billion in Q4 2014, an increase from $2.58 billion in Q3 2014, and from $2.46 billion in Q4 2013.
Chairman and CEO Joseph Hooley said: "Our fourth-quarter and full-year 2014 results reflect strength across our asset servicing and asset management businesses.”
He added: "We are pleased we completed our Business Operations and Information Technology Transformation program at the end of 2014 as planned and I want to acknowledge the efforts of the entire State Street team for helping us complete this important initiative.”
“Managing expenses and continuing to drive efficiencies remain ongoing priorities, despite continued pressure from regulatory costs."
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