State Street reports Q1 EPS ex-items $1.24, consensus $1.19
Reports Q1 revenue $2.93B, consensus $2.92B. Reports Q1 NII $673M. Reports Q1 CET1 capital ratio 11.5%. CEO Ronald O'Hanley commented, "Our performance this quarter reflects the continued challenging conditions in the industry as well as lower client activity. We have seen these conditions before and know that focusing on what we can control, including better productivity, process re-engineering and greater resource discipline, while also strengthening client relationships, will deliver shareholder value and drive growth. The expense program we initiated in Q4 of 2018 is already delivering benefits. Given the secular trends impacting our industry, we continue to prioritize strong service quality and innovation and are working to reignite servicing fee revenue growth through initiatives targeted at specific client segments and markets. Reflecting our priorities, we also resumed share repurchases during the quarter, returning approximately $480M of capital to shareholders in share repurchases and dividends, and believe we are well-positioned for the 2019 CCAR process."