State Street Projects FY22 Fee Revenue To Rise 3-4% - Quick Facts

State Street Corporation (STT) said it finished 2021 with a strong fourth quarter performance, contributing to a record year for fee revenue. Fourth quarter fee revenue increased 4%, primarily reflecting strong Servicing and Management fees, partially offset by lower FX trading services and Software and processing fees. Net interest income declined 3%, for the quarter. For fiscal 2022, the company estimates fee revenue to increase 3-4%.

Fourth quarter earnings per share ex-notable items was $2.00, up 18%. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.88, for the quarter. Analysts' estimates typically exclude special items.

Net income increased to $697 million from $537 million. Earnings per share was $1.78 compared to $1.39, last year.

Total revenue was $3.1 billion, up 3% ex-notables. Analysts on average had estimated $3.01 billion in revenue. Total fee revenue was $2.51 billion compared to $2.42 billion.

State Street Corporation also announced that Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors, will retire in 2022. Taraporevala will remain in his role through the completion of the search for his successor and transition process.

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