State Street GAAP EPS of $2.15 beats by $0.12, revenue of $3.19B beats by $40M

• State Street press release (NYSE:STT): Q2 GAAP EPS of $2.15 beats by $0.12.
• Revenue of $3.19B (+2.6% Y/Y) beats by $40M.
• Investment Servicing AUC/A as of quarter-end increased 12% to $44.3 trillion, largely driven by higher quarter-end market levels, client flows and net new business.
• Investment Management AUM as of quarter-end increased 16% to $4.4 trillion, reflecting higher quarter-end market levels and net inflows.
• Standardized common equity tier 1 (CET1) ratio at quarter-end of 11.2% decreased 0.6% points compared to 2Q23.
• Total provision for credit losses were $10 million as compared to an $18 million reserve release in 2Q23.

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