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.鈥�
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.鈥�
鈥淢anaging 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.鈥�
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.鈥�
鈥淢anaging expenses and continuing to drive efficiencies remain ongoing priorities, despite continued pressure from regulatory costs."
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