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State Street says rest-of-year expenses could grow faster than revenue

Jul. 22, 2014 3:09 PM ETState Street Corporation (STT) StockSTTBy: Carl Surran, SA News Editor
  • State Street (STT +0.1%) beat expectations for Q2 earnings and revenues, but warns that it would be challenging for it to increase revenue faster than expenses this year.
  • CEO Joseph Hooley now sees STT's Q3 operating expenses ~$20M higher than in Q2 and expenses in Q4 roughly unchanged from Q3; in Q2, operating expenses rose 3.7% Y/Y to $1.82B but fell 5.2% Q/Q.
  • STT also now expects 2014 regulatory costs to be higher than previously expected, after forecasting a range of $30M-$40M.
  • Analysts also note that Q2 results benefited from a much lower tax rate, which added ~$0.09/share to profit.
  • Q2 net interest margin narrowed sharply to 1.12% from 1.31% a year earlier and 1.24% in Q1.

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