State Street closes second consolidation of operations JV in India

Says total revenue of $3.1B, up 1% YoY; Fee revenue up 4%, reflecting higher Management fees, Front office software and data revenue, and Servicing fees, partially offset by lower Securities finance and FX trading services revenues; Says NII down (7)% largely due to a deposit mix shift and lower average non-interest-bearing deposit balances, partially offset by the impact of higher average interest rates, client lending growth, and investment portfolio positions. Says total expenses of $2.5B, up 6%, primarily driven by a $130M notable item representing the increased FDIC special assessment; Up 1% ex-notables, as continued business investments were largely offset by productivity savings; Operating leverage of (4.9)%pts; 0.6%pts ex-notables; Fee operating leverage of (2.4)%pts; 3.1%pts ex-notables. Investment Servicing: Says new servicing fee revenue wins of $67M primarily related to Back office wins across Asset Managers and Alternatives client segments in North America and Europe; Record AUC/A of $43.9T at quarter-end; AUC/A wins of $474B and AUC/A yet to be installed of $2.6T; State Street Alpha reported 2 new Alpha mandates, including our second win associated with Alpha for Private Markets; ARR for Front office software solutions of $326M, up 19%, driven by continued SaaS client implementations and conversions; Completed the acquisition of CF Global Trading, strengthening State Street’s outsourced trading services capabilities in Europe. Investment Management: Says tecord AUM of $4.3T at quarter-end, with continued market share gains in U.S. Low Cost ETFs. Transformation: Says closed the second consolidation of an operations joint venture in India, advancing our productivity and transformation efforts. Balance sheet and capital: Reports CET1 ratio of 11.1% at quarter end; Returned $308M of capital in 1Q24, consisting of $100M in common share repurchases and $208M of declared common stock dividends. Comments taken from presentation slides for Q1 earnings conference call.