EXHIBIT 13.1
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SELECTED FINANCIAL DATA
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CAGR*
(Dollars in millions, except per share data;
taxable equivalent) 1998 1997 1996 1995 1994 1993 93-98
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OPERATING RESULTS
Fee revenue:
Fiduciary compensation ..................... $ 1,504 $ 1,252 $ 1,018 $ 824 $ 750 $ 661
Foreign exchange trading ................... 289 245 126 141 114 83
Other ...................................... 204 176 158 154 153 122
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Total fee revenue ........................ 1,997 1,673 1,302 1,119 1,017 866 18%
Interest revenue ............................. 2,277 1,799 1,480 1,371 961 751
Interest expense ............................. 1,492 1,114 892 907 544 394
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Net interest revenue ..................... 785 685 588 464 417 357 17
Provision for loan losses .................... 17 16 8 8 11 11
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Total revenue ............................ 2,765 2,342 1,882 1,575 1,423 1,212 18
Operating expenses ........................... 2,068 1,734 1,398 1,174 1,058 899 18
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Income before income taxes ............... 697 608 484 401 365 313 17
Income taxes ................................. 221 184 154 119 120 102
Taxable equivalent adjustment ................ 40 44 37 35 25 22
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Net Income ............................... $ 436 $ 380 $ 293 $ 247 $ 220 $ 189 18
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PER SHARE
Earnings:
Basic ...................................... $ 2.71 $ 2.37 $ 1.81 $ 1.50 $ 1.34 $ 1.16 18
Diluted .................................... 2.66 2.32 1.78 1.47 1.32 1.14 18
Cash dividends declared ...................... .52 .44 .38 .34 .30 .26 15
Closing price at year end .................... 70.13 58.19 32.31 22.50 14.31 18.75 30
Diluted shares outstanding (in thousands) .... 163,927 163,789 164,375 167,687 166,908 166,297
ANNUAL AVERAGES
Interest-earning assets ...................... $ 41,406 $ 31,425 $ 26,359 $ 23,120 $ 19,927 $ 16,885 20
Total assets ................................. 45,710 35,426 29,483 26,182 22,795 18,927 19
Noninterest-bearing deposits ................. 6,254 5,288 4,638 4,113 4,701 4,059 9
Non-U.S. deposits ............................ 16,294 12,645 10,372 8,470 7,392 4,954 27
Long-term debt ............................... 867 717 213 127 128 122 48
Stockholders' equity ......................... 2,157 1,847 1,618 1,483 1,284 1,125 14
RATIOS
Return on equity ............................. 20.2% 20.6% 18.1% 16.7% 17.2% 16.8%
Internal capital generation rate ............. 16.3 16.9 14.3 12.9 13.3 13.1
Employees at year end ........................ 16,816 14,199 12,792 11,324 11,528 10,445 10
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In 1995, State Street acquired Investors Fiduciary Trust Company in a transaction accounted for as a pooling of interests.
All prior period information has been restated to reflect this acquisition.
Per share amounts for 1993 to 1996 have been restated to reflect a two-for-one stock split distributed in 1997.
*Compound Annual Growth Rate
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