State Street says its 2016 results are a sign that it can galvanise its market position, including the use of its much-touted Beacon project.
As a group, the firm posted strong results, with encouraging profitability shown by its earnings per share of $5.27 (€4.9).
The firm also saw a return on equity of 11.1% on revenues of $10.8 billion.
Last year State Street made asset servicing commitments of $1.4 trillion, including $180 billion in the fourth quarter, which the firm said reflects strong growth, including significant participation from Europe.
The firm’s intent is to become a digital leader in financial services. State Street spent approximately $800 million on its Beacon project. The firm said it “more than doubled” the expected annual pre-tax savings in 2016 to $175 million.
Joseph Hooley, State Street’s chairman and chief executive officer, was buoyed by the 2016 results, again focused on the firm’s Beacon project.
“We are focused on our 2017 strategic priorities, which include advancing our digital leadership through State Street Beacon; driving growth from core franchises; continuous investment in new products and solutions; and achieving our financial goals,” he said.
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