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State Street reports Q4 2014 GAAP-basis EPS of USD1.24

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State Street has reported GAAP-basis earnings per share (EPS) for the fourth quarter of 2014 of USD1.24 in revenue of USD2.6 billion.

The company’s full-year 2014 GAAP-Basis EPS is USD4.69 on revenue of USD10.3 billion. Fourth-quarter 2014 operating-basis EPS was USD1.37, up 19.1%, on revenue of USD2.7 billion, up 7.8%, compared to the fourth quarter of 2013.
 
Full-year 2014 operating-basis EPS meanwhile was USD5.09, up 12.1%, on revenue of USD10.6 billion, up 5.9%, compared to full-year 2013.

Joseph L Hooley, State Street's chairman and chief executive officer says: "Our fourth-quarter and full-year 2014 results reflect strength across our asset servicing and asset management businesses.  Despite the low interest rate environment in 2014, our revenue experienced solid growth compared to 2013 from both asset servicing and asset management.  As a result, operating-basis total fee revenue for 2014 exceeded 2013 by 7.4 per cent. Our focus on developing and delivering solutions to serve our clients' evolving needs continues to position us well against strong global growth trends.  As a result of this we achieved new asset servicing commitments in 2014 of USD1.1 trillion, including approximately USD400 billion in the fourth quarter of 2014, and 2014 net new assets to be managed of approximately USD28 billion, including approximately USD7 billion in the fourth quarter of 2014.

"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.

"We recently submitted our 2015 capital plan for review to the Federal Reserve and continue to emphasise the return of capital to shareholders through dividends and our common stock purchase program. We purchased approximately USD410 million of our common stock during the fourth quarter, and USD1.23 billion since April 1, 2014, under our current USD1.7 billion common stock purchase program, which is effective through March 2015."

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