![]() ![]() Our estimates for NIR and NIM were $619 million and 1.11%, respectively. The net interest margin (NIM) rose 35 basis points year over year to 1.11%. The rise was largely driven by higher global interest rates and growth in loan balances. NIR was $660 million, surging 35.5% year over year. ![]() Our estimate for the metric was $3 billion. Also, the top line missed the Zacks Consensus Estimate of $2.98 billion. The total revenues were $2.96 billion, decreasing 1% year over year. We had projected net income available to common shareholders (GAAP basis) to be $647.4 million. After considering those, the net income available to common shareholders was $669 million or $1.80 per share, down from $693 million or $1.96 per share in the year-ago quarter. A decline in fee revenues hurt STT’s results to some extent. Also, the company recorded no provisions during the quarter. Results reflected new investment servicing wins (bringing servicing assets to be installed in the future to $3.4 trillion), higher net interest revenues (NIR), a slight fall in expenses and growth in net interest margin. Also, the company’s plan to repurchase shares worth $1 billion in the fourth quarter cheered investors. Shares of STT rallied almost 4% in pre-market market trading on better-than-expected quarterly performance. Our estimate for adjusted earnings was $1.77 per share. The bottom line was 9% lower than the prior-year level. State Street’s ( STT Quick Quote STT - Free Report) third-quarter 2022 adjusted earnings of $1.82 per share outpaced the Zacks Consensus Estimate of $1.79. ![]()
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