Normally, I try to avoid talking about my employer on this site to avoid getting “dooced“, but today marked a great day for State Street. We announced our earnings for the past quarter and reported a 61% increase in profits from a year ago, up to $366 million! We also reported record revenue of $1.921 billion, which represents a 16.4% jump over second quarter 2006.
We also recently [two weeks ago] completed the the purchase of our Boston-based rival, Investors Financial Services Corp. [a.k.a. IBT]. What does Ron, Chief Executive Officer of State Street, Logue have to say about IBT?
The results of Investors Financial in the second quarter were strong, like State Street’s, and so we are revising our financial goals for 2007: We now expect that revenue growth will be between 20 percent and 22 percent; up from 16 percent to 18 percent we forecast in February when we announced the deal.
Wall Street obviously enjoyed all of this news, as trading on State Street stock ended up 2.1% at 71.87 per share. To prevent “doocing”, I will limit my words to the above, but want to send a question out to our rival, the world’s biggest custodial bank, Bank of New York Mellon.
How do you like them apples?
My personal portfolio does contain State Street corporation holdings. In no way does any of the above text represent financial advice, nor am I responsible for any actions you take as a result of the above text. Further, the above text does not represent an official statement by State Street Corporation nor any of its subsidiaries, except the one quote by Ron Logue.