- First-quarter 2015 operating-basis1 EPS was $1.17, up 18.2%, on revenue of $2.7 billion, up 4.6%, compared to the first quarter of 2014
- As previously disclosed, authorized to purchase up to $1.8 billion of common stock through June 30, 2016
In announcing today's financial results, Joseph L. Hooley, State Street's chairman and chief executive officer said:
"We are pleased with our first-quarter 2015 results, which reflect strong fee revenue growth compared to the first quarter of 2014, continued momentum of our core business, and our focus on managing expenses. We continue to benefit from our strong market position and client demand for our servicing solutions remains robust as evidenced by $214 billion of new servicing commitments.
“Our fee revenue growth in the first quarter was supported by strong foreign exchange trading activity. The divergence in interest rate expectations for the United States relative to most other major economies and the actions taken by several central banks around the world to increase their quantitative easing has contributed to an increase in volatility and volumes of foreign exchange trading. The strengthening of the U.S. dollar during the quarter reduced our fee revenue outside of the U.S., but the parallel reduction in expenses largely offset this impact on our bottom line.
"We continue to prioritize returning capital to our shareholders. During the first quarter of 2015, we executed the final phase of our $1.7 billion common stock purchase program announced in March 2014. In March 2015, our Board of Directors approved a $1.8 billion common stock purchase program following the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) 2015 process. Our 2015 capital plan also includes a proposed increase in our quarterly common stock dividend to $0.34 per share starting in the second quarter of 2015."
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