Le Lézard
Classified in: Business
Subjects: EARNINGS, Photo/Multimedia, Conference Call, Webcast

State Street Reports Second-Quarter 2019 EPS of $1.42 Per Share; $1.45 Per Share Excluding Notable Items(a)


Ron O'Hanley, President and Chief Executive Officer : "State Street is acting with urgency to adjust to a challenging external environment. We remain laser focused on steps we can immediately take both to improve financial performance and strengthen client service, including enhanced productivity, process re-engineering and greater resource discipline. Our 2019 expense program has delivered $175 million in savings year-to-date and we now expect to achieve a total of $400 million by year-end. On the revenue side, gross client wins were strong with almost $400 billion of new assets. I am encouraged by the continued momentum with Charles River Development, both in terms of new business on its platform but also due to the depth of the discussions we are having with a range of clients on adopting our leading front-to-back platform. We saw some moderation in industry headwinds and more stable fee revenues as we actively and systematically engage with clients. Moreover, our CCAR results were encouraging, confirming the effectiveness of our balance sheet repositioning last year and allowing us to increase capital return to shareholders."

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)

2Q19

1Q19

2Q18

 

 % QoQ

 

 % YoY

 

Total fee revenue

$

2,260

 

$

2,260

 

$

2,395

 

 

?

%

 

(5.6

)%

 

Net interest income

613

 

673

 

659

 

 

(8.9

)

 

(7.0

)

 

Total revenue

2,873

 

2,932

 

3,063

 

 

(2.0

)

 

(6.2

)

 

Total expenses

2,154

 

2,293

 

2,170

 

 

(6.1

)

 

(0.7

)

 

Net income

587

 

508

 

733

 

 

15.6

 

 

(19.9

)

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.42

 

$

1.18

 

$

1.88

 

 

20.3

%

 

(24.5

)%

 

 

 

 

 

 

 

 

 

 

Financial ratios and other metrics:

 

 

 

 

 

 

 

 

Return on average common equity

10.1

%

8.7

%

14.7

%

 

140

 

bps

(460

)

bps

Pre-tax margin

25.0

 

21.7

 

29.1

 

 

330

 

 

(410

)

 

Average total assets ($ in billions)

$

222

 

$

220

 

$

224

 

 

0.9

%

 

(1.1

)%

 

Average total deposits ($ in billions)

157

 

155

 

163

 

 

0.8

 

 

(3.8

)

 

 

 

 

 

 

 

 

 

 

(a) See 2Q19 Highlights in this News Release for a listing of notable items. Results excluding notable items are a non-GAAP presentation. Please refer to the Addendum included with this News Release for an explanation and reconciliation of non-GAAP measures.

2Q19 HIGHLIGHTS

(all comparisons are to 2Q18, unless otherwise noted)

AUC/A and AUM

? Investment Servicing AUC/A as of quarter-end decreased 3% primarily due to the near-completion of a previously announced client transition, partially offset by higher market levels.

? Investment Management AUM as of quarter-end increased 7% driven by higher equity markets and growth from institutional and ETF inflows, partially offset by cash outflows.

New Business

? Investment Servicing mandates announced in 2Q19 totaled $390 billion with quarter-end servicing assets remaining to be installed in future periods of $575 billion.

? Front-to-back investment servicing demand increasing with first major announcement and strong pipeline.

? Investment Management net inflows in 2Q19 of $20 billion driven by institutional and cash.

? Charles River Development (CRD) mandates in 2Q19 included annual contract value bookings of $31 million, including SSGA bookings.

Revenues

? Fee revenue decreased 6% reflecting lower servicing, management and markets revenues, partially offset by CRD:

? Compared to 1Q19, fee revenue was flat reflecting primarily stable servicing fees, higher management fees and lower processing fees.

? CRD generated $91 million in 2Q19 fee revenues and $45 million in pre-tax operating income before associated amortization expense and acquisition costs.

? Net interest income (NII) decreased 7% primarily due to lower noninterest-bearing deposit balances and accelerated mortgage backed securities (MBS) premium amortization from falling long rates.

Notable Items

(Dollars in millions, except EPS amounts)

2Q19

1Q19

2Q18

Acquisition and restructuring costs (net)

$

12

 

$

9

 

$

?

 

Legal and related

?

 

14

 

?

 

Compensation and employee benefits

?

 

?

 

61

 

Occupancy

?

 

?

 

16

 

Repositioning costs

?

 

?

 

77

 

Total notable items (pre-tax)

$

12

 

$

23

 

$

77

 

 

 

 

 

EPS impact

$

(0.03

)

$

(0.06

)

$

(0.16

)

Expenses

? Total expenses were down 1%, primarily reflecting the absence of prior year repositioning costs as well as savings from process re-engineering and resource discipline related to our expense savings program, partially offset by the impact of CRD expenses and increased technology investments;

? Excluding notable items, seasonal and CRD-related expenses, total expenses were down 1% compared to 2Q18 and were largely flat compared to 1Q19.

? Expense savings program announced in January 2019 achieved $175 million total savings year-to-date through resource discipline, process re-engineering and automation benefits.

? Total headcount increased 4% compared to 2Q18 driven by the impact of CRD and shift to low cost locations.

? Compared to 1Q19, total headcount was down 1%, the second sequential quarter decline, while strengthening client service.

? Year-to-date high cost location headcount reductions totaled over 1,800, exceeding initial 1,500 target, with new aggregate goal of 2,300 established for FY 2019.

Capital

? Returned $475 million to shareholders in 2Q19, consisting of $300 million common share repurchases and $175 million in common dividends.

? Estimated standardized Common Equity Tier 1 (CET1) of 11.4%, Tier 1 Leverage ratio of 7.6% and Supplementary Leverage Ratio (SLR) of 6.7% at quarter-end.

? Announced 2019 CCAR capital plan, including dividend increase to $0.52 per share and new common stock purchase program of up to $2.0 billion through 2Q20.

MARKET DATA, AUC/A AND AUM

The tables below provide a summary of selected financial information, key ratios, AUC/A, AUM, market indices and foreign exchange rates for the periods indicated as well as industry flow data for the indicated time periods.

(Dollars in billions, except market indices and foreign exchange rates)

2Q19

1Q19

2Q18

 

 % QoQ

 % YoY

 

 

 

 

 

 

 

Assets under custody and administration (AUC/A)(1) (2)

$

32,754

 

$

32,643

 

$

33,867

 

 

0.3

%

(3.3

)%

Assets under management (AUM)(2)

2,918

 

2,805

 

2,723

 

 

4.0

 

7.2

 

 

 

 

 

 

 

 

Market Indices:(3)

 

 

 

 

 

 

S&P 500 daily average

2,882

 

2,721

 

2,703

 

 

5.9

 

6.6

 

S&P 500 EOP

2,942

 

2,834

 

2,718

 

 

3.8

 

8.2

 

MSCI EAFE daily average

1,888

 

1,833

 

2,018

 

 

3.0

 

(6.4

)

MSCI EAFE EOP

1,922

 

1,875

 

1,959

 

 

2.5

 

(1.9

)

MSCI Emerging Markets daily average

1,045

 

1,033

 

1,138

 

 

1.2

 

(8.2

)

MSCI Emerging Markets EOP

1,055

 

1,058

 

1,070

 

 

(0.3

)

(1.4

)

Barclays Capital Global Aggregate Bond Index EOP

506

 

489

 

478

 

 

3.5

 

5.9

 

Foreign Exchange Volatility Indices:(3)

 

 

 

 

 

 

JPM G7 Volatility Index daily average

6.1

 

7.4

 

7.3

 

 

(17.6

)

(16.4

)

JPM Emerging Market Volatility Index daily average

8.4

 

8.8

 

8.9

 

 

(4.5

)

(5.6

)

 

 

 

 

 

 

 

Average Foreign Exchange Rate:

 

 

 

 

 

 

Euro vs. USD

1.123

 

1.136

 

1.192

 

 

(1.1

)

(5.8

)

GBP vs. USD

1.285

 

1.302

 

1.360

 

 

(1.3

)

(5.5

)

(1) Includes assets under custody of $24,771 billion, $24,569 billion, and $25,415 billion, as of 2Q19, 1Q19, and 2Q18, respectively.
(2) As of period-end.
(3) The index names listed in the table are service marks of their respective owners.

INDUSTRY FLOW DATA

(Dollars in billions)

2Q19

1Q19

4Q18

 3Q18

2Q18

1Q18

North America - ICI Market Data:(1)

 

 

Long Term Funds

$

(35.7

)

$

41.7

 

$

(308.8

)

$

(50.4

)

$

(28.3

)

$

38.0

 

Money Market

137.0

 

54.0

 

187.9

 

35.8

 

(51.7

)

(52.2

)

ETF

73.5

 

45.8

 

105.0

 

87.2

 

55.8

 

62.8

 

Total ICI Flows

$

174.8

 

$

141.5

 

$

(15.9

)

$

72.6

 

$

(24.2

)

$

48.6

 

 

 

 

 

 

 

 

Europe - Broadridge Market Data:(2)

 

 

Long Term Funds

$

(8.8

)

$

5.7

 

$

(171.4

)

$

(16.2

)

$

(24.9

)

$

160.5

 

Money Market

21.3

 

(9.0

)

62.4

 

(21.9

)

(17.8

)

(10.3

)

Total Broadridge Flows

$

12.5

 

$

(3.3

)

$

(109.0

)

$

(38.1

)

$

(42.7

)

$

150.2

 

(1) Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity.
(2) 2Q19 data is on a rolling 3 month basis and includes March through May 2019 for EMEA (Copyright 2018 Broadridge Financial Solutions, Inc.)

INVESTMENT SERVICING AUC/A

(Dollars in billions)

2Q19

1Q19

2Q18

 % QoQ

 % YoY

Assets Under Custody and/or Administration

 

 

 

 

 

By Product Classification:

 

 

 

 

 

Mutual funds

$

8,645

 

$

8,586

 

$

8,548

 

0.7

%

1.1

%

Collective funds, including ETFs

9,272

 

9,436

 

9,615

 

(1.7

)

(3.6

)

Pension products

6,542

 

6,513

 

6,808

 

0.4

 

(3.9

)

Insurance and other products

8,295

 

8,108

 

8,896

 

2.3

 

(6.8

)

Total Assets Under Custody and/or Administration

$

32,754

 

$

32,643

 

$

33,867

 

0.3

 

(3.3

)

By Financial Instrument:

 

 

 

 

 

Equities

$

18,504

 

$

18,924

 

$

19,475

 

(2.2

)

(5.0

)

Fixed-income

10,089

 

9,831

 

10,189

 

2.6

 

(1.0

)

Short-term and other investments

4,161

 

3,888

 

4,203

 

7.0

 

(1.0

)

Total Assets Under Custody and/or Administration

$

32,754

 

$

32,643

 

$

33,867

 

0.3

 

(3.3

)

INVESTMENT MANAGEMENT AUM

The following table presents 2Q19 activity in AUM by product category.

(Dollars in billions)

 Equity

Fixed- Income

 Cash

 Multi-Asset Class Solutions

Alternative Investments(1)

 

 Total

 

Beginning balance as of March 31, 2019

$

1,781

 

$

429

 

$

314

 

$

147

 

$

134

 

 

$

2,805

 

 

 

 

 

 

 

 

 

Long-term institutional flows, net(2)

13

 

1

 

(1

)

3

 

?

 

 

16

 

ETF flows, net

(5

)

4

 

1

 

?

 

?

 

 

?

 

Cash fund flows, net

?

 

?

 

4

 

?

 

?

 

 

4

 

Total flows, net

$

8

 

$

5

 

$

4

 

$

3

 

$

?

 

 

$

20

 

 

 

 

 

 

 

 

 

Market appreciation/(depreciation)

61

 

14

 

1

 

5

 

5

 

 

86

 

Foreign exchange impact

5

 

2

 

?

 

?

 

?

 

 

7

 

Total market/foreign exchange impact

$

66

 

$

16

 

$

1

 

$

5

 

$

5

 

 

$

93

 

 

 

 

 

 

 

 

 

Ending balance as of June 30, 2019

$

1,855

 

$

450

 

$

319

 

$

155

 

$

139

 

 

$

2,918

 

(1) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares ETF and SPDR® Long Dollar Gold Trust ETF. State Street is not the investment manager for the SPDR® Gold Shares ETF and the SPDR® Long Dollar Gold Trust ETF, but acts as the marketing agent.
(2) Amounts represent long-term portfolios, excluding ETFs.

REVENUE

(Dollars in millions)

2Q19

1Q19

2Q18

 

 % QoQ

% YoY

Servicing fees

$

1,252

 

$

1,251

 

$

1,381

 

 

0.1

%

(9.3

)%

Management fees

441

 

420

 

465

 

 

5.0

 

(5.2

)

Foreign exchange trading services

273

 

280

 

315

 

 

(2.5

)

(13.3

)

Securities finance revenue

126

 

118

 

154

 

 

6.8

 

(18.2

)

Processing fees and other revenue

168

 

191

 

80

 

 

(12.0

)

nm

Total fee revenue

$

2,260

 

$

2,260

 

$

2,395

 

 

?

 

(5.6

)

 

 

 

 

 

 

 

Net interest income

613

 

673

 

659

 

 

(8.9

)

(7.0

)

Gains (losses) related to investment securities, net

?

 

(1

)

9

 

 

nm

nm

Total Revenue

$

2,873

 

$

2,932

 

$

3,063

 

 

(2.0

)

(6.2

)

 

 

 

 

 

 

 

Net interest margin (FTE)

1.38

%

1.54

%

1.46

%

 

(16) bps

(8) bps

Servicing fees decreased 9% compared to 2Q18 driven by challenging industry conditions including fee pressure, lower client activity and a previously announced client transition, partially offset by new business. Servicing fees were flat compared to 1Q19 due to higher average equity market levels and higher client flows and activity, offset by fee pressure.

Management fees decreased 5% compared to 2Q18 primarily reflecting the run rate impact of late 2018 outflows and mix changes away from higher fee products, partially offset by higher average equity market levels. Management fees were up 5% compared to 1Q19 primarily driven by higher average equity market levels and day count.

Foreign exchange trading services decreased 13% compared to 2Q18 and 3% compared to 1Q19 primarily due to lower market volatility and spreads.

Securities finance decreased 18% compared to 2Q18 reflecting the 2H18 balance sheet optimization efforts, and increased 7% compared to 1Q19 primarily due to seasonal activity.

Processing fees and other increased compared to 2Q18 reflecting CRD revenue contribution, which was acquired in 4Q18. Processing fees were down 12% compared to 1Q19 driven by lower market-related adjustments and tax advantaged investment income, as well as lower CRD revenue due to the timing of revenue recognition standards for certain contracts under the new accounting standards.

Net interest income decreased 7% compared to 2Q18 and 9% compared to 1Q19 primarily due to lower noninterest-bearing deposit balances and accelerated MBS premium amortization from falling long rates. Net interest margin (NIM) on a fully taxable-equivalent basis decreased 8 basis points compared to 2Q18 and 16 basis points compared to 1Q19 primarily due to the same factors and a stable balance sheet.

EXPENSES

(Dollars in millions)

2Q19

1Q19

2Q18

 

 % QoQ

 % YoY

 

Compensation and employee benefits

$

1,084

 

$

1,229

 

$

1,125

 

 

(11.8

)%

(3.6

)%

Information systems and communications

365

 

362

 

321

 

 

0.8

 

13.7

 

Transaction processing services

245

 

242

 

257

 

 

1.2

 

(4.7

)

Occupancy

115

 

116

 

124

 

 

(0.9

)

(7.3

)

Acquisition and restructuring costs

12

 

9

 

?

 

 

33.3

 

nm

 

Amortization of other intangible assets

59

 

60

 

48

 

 

(1.7

)

22.9

 

Other

274

 

275

 

295

 

 

(0.4

)

(7.1

)

Total Expenses

$

2,154

 

$

2,293

 

$

2,170

 

 

(6.1

)

(0.7

)

 

 

 

 

 

 

 

 

Total expenses, excluding notable items and seasonal expense items

$

2,142

 

$

2,133

 

$

2,093

 

 

0.4

 

2.3

 

 

 

 

 

 

 

 

 

Effective tax rate

18.1

%

20.1

%

17.7

%

 

(200) bps

40 bps

 

Total expenses were down 1% from 2Q18, primarily reflecting the absence of prior year repositioning costs as well as savings from process re-engineering and resource discipline related to our expense savings program, partially offset by the impact of CRD expenses and increased technology investments. Total expenses decreased 6% compared to 1Q19 driven by the absence of seasonal compensation expenses. Adjusted for notable items, seasonal expenses, and $63 million of CRD-related costs, total expenses were down 1% compared to 2Q18 and largely flat to 1Q19.

Compensation and employee benefits decreased 4% compared to 2Q18 driven by the absence of prior year repositioning costs as well as savings from the process re-engineering and resource discipline savings initiatives, partially offset by the impact of CRD. Compensation and employee benefits decreased 12% compared to 1Q19 primarily due to the absence of seasonal compensation expenses and lower performance based incentives.

Information systems and communications increased 14% compared to 2Q18 largely reflecting higher development costs, technology infrastructure enhancements and investments to support business growth. Compared to 1Q19, information systems and communications increased 1% largely reflecting higher development costs and investments to support business growth.

Transaction processing services decreased 5% compared to 2Q18 due to lower sub-custodian costs and increased 1% versus 1Q19 due to higher brokerage volumes.

Occupancy decreased 7% compared to 2Q18 primarily driven by the absence of prior year costs related to real estate footprint right-sizing. Occupancy expense was largely flat compared to 1Q19.

Amortization of other intangible assets increased 23% compared to 2Q18 primarily due to the CRD acquisition. Amortization of intangible assets decreased 2% compared to 1Q19.

Other expenses decreased 7% compared to 2Q18 primarily reflecting lower insurance, professional services and travel costs. Compared to 1Q19, other expenses were largely flat.

The effective tax rate in 2Q19 was 18.1% compared to 17.7% in 2Q18 and 20.1% in 1Q19. Compared to 2Q18, the effective tax rate increased due to lower stock-based compensation benefit, partially offset by tax advantaged investments. Compared to 1Q19, the effective tax rate decreased due to tax advantaged investments.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimates of regulatory capital ratios for State Street Corporation.

June 30, 2019(1)

2Q19

1Q19

2Q18

Basel III Standardized Estimated Fully Phased-In:

 

 

 

Common Equity Tier 1 ratio

11.4

%

11.5

%

11.3

%

Tier 1 capital ratio

14.9

 

15.0

 

14.3

 

Total capital ratio

15.5

 

15.9

 

15.1

 

 

 

 

 

Tier 1 leverage ratio

7.6

 

7.4

 

7.1

 

Supplementary leverage ratio

6.7

 

6.6

 

6.2

 

(1) Estimated pro-forma fully phased-in ratios as of June 30, 2019 reflect capital and total risk-weighted assets calculated under the Basel III final rule.

Standardized CET1, Tier 1, Total Capital ratios and Tier 1 Leverage ratio and SLR were largely flat compared to 2Q18 and 1Q19.

Returned $475 million to shareholders in 2Q19 consisting of $300 million common share repurchases and $175 million in common dividends. Repurchased 4.6 million common shares in 2Q19 and declared 2Q19 quarterly common share dividend of $0.47 per share.

Announced 2019 CCAR capital plan, including dividend increase to $0.52 per share and new common stock purchase program of up to $2.0 billion through 2Q20.

Preliminary estimated average liquidity coverage ratio (LCR) for State Street Corporation of approximately 111% at quarter-end.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Friday, July 19th, 2019, at 10:00 a.m. EDT, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at (866) 211-3118 inside the U.S. or at (647) 689-6605 outside of the U.S. The Conference ID# is 7279177.

Recorded replays of the conference call will be available on the website and by telephone at (800) 585-8367 or (416) 621-4642 beginning approximately two hours after the call's completion. The Conference ID# is 7279177.

The telephone replay will be available for approximately two weeks following the conference call. This News Release, presentation materials referred to on the conference call and additional financial information are available on State Street's website, at http://investors.statestreet.com/ under "Investor Relations--Investor News & Events" and under the title "Events and Presentations."

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage ratio, on a quarterly basis on its website at http:// investors.statestreet.com/, under "Filings & Reports." Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 45 days following each other quarter-end, as applicable). For 2Q19, State Street expects to publish its updates during the period beginning today and ending on or about August 14, 2019.

State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $32,754 billion in assets under custody and administration and $2,918 billion* in assets under management as of June 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36 billion as of June 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

IN THIS NEWS RELEASE:

FORWARD LOOKING STATEMENTS

This News Release (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "outlook," "guidance," "expect," "priority," "objective," "intend," "plan," "forecast," "believe," "anticipate," "estimate," "seek," "may," "will," "trend," "target," "strategy" and "goal," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued.

Important factors that may affect future results and outcomes include, but are not limited to:

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2018 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.


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Integrated Device Technology, Inc. (IDT), a wholly owned subsidiary of Renesas Electronics Corporation (TSE: 6723), today announced that its ZMOD4410 gas sensor is at the heart of the IROAD iair in-car air purifier from JAEWONCNC Co. Ltd., a Korean...

at 06:30
Terrace Global Inc. ("Terrace Global" or the "Company") is pleased to announce its participation in Cannabis Invest UK, taking place on November 18, 2019 in London, England.  Cannabis Invest UK is an exclusive event bringing together the world's...

at 06:30
iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") , which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce that Institutional Shareholder Services Inc. ("ISS")...

at 06:30
Jacobs today announced expanded leadership roles for Bob Pragada and Kevin Berryman, effective December 1, 2019.  Pragada will be appointed President and Chief Operating Officer (COO) of Jacobs and will oversee all global operations. Pragada will...



News published on 19 july 2019 at 07:35 and distributed by: