EXHIBIT 13.1
FIVE YEAR SELECTED FINANCIAL DATA
S E L E C T E D F I N A N C I A L D A T A
State Street Boston Corporation
Compound
(Dollars in millions, Growth Rate
except per share data) 1993 1992 1991 1990 1989 1988 88-93
OPERATING RESULTS (1)<F1>
Fee revenue ...................... $ 833.4 $ 702.9 $ 563.9 $ 502.9 $ 443.6 $ 397.5 16%
Gain on sale of credit card loan
portfolio (1)<F1> ............... 56.2
Interest revenue - taxable
equivalent....................... 719.2 728.0 756.5 838.3 663.8 515.4 7
Interest expense ................. 381.3 432.1 464.2 546.7 431.3 299.7 5
Net interest revenue - taxable
equivalent....................... 337.9 295.9 292.3 291.6 232.5 215.7 9
Provision for loan losses ........ 11.3 12.2 60.0 45.7 19.4 15.6 (6)
Total revenue ................... 1,160.0 986.6 852.4 748.8 656.7 597.6 14
Operating expenses ............... 862.3 716.4 608.5 544.6 478.0 437.0 15
Income before income taxes on
a taxable equivalent basis .. 297.7 270.2 243.9 204.2 178.7 160.6 13
Income taxes ................ 97.6 96.1 85.8 66.1 59.2 52.2
Taxable equivalent adjustment .... 20.3 13.7 18.8 20.8 15.5 16.1
Net Income ...................... $ 179.8 $ 160.4 $ 139.3 $ 117.3 $104.0 $ 92.3 14
PER SHARE (2)<F2>
Earnings (1):<F1>
Primary ......................... $ 2.36 $ 2.10 $ 1.86 $ 1.59 $ 1.42 $ 1.25 14
Fully diluted ................... 2.33 2.07 1.81 1.55 1.38 1.20 14
Cash dividends declared .......... .520 .445 .385 .340 .300 .260 15
Book value at year end ........... 14.56 12.70 10.97 9.51 8.29 7.22 15
Closing price .................... 37.50 43.75 32.13 17.44 19.63 13.25 23
ANNUAL AVERAGES
Interest-earning assets .......... $ 16,222 $13,854 $10,131 $ 8,947 $6,953 $6,144 21
Total assets ..................... 18,169 15,502 11,574 10,233 8,089 7,246 20
Noninterest-bearing deposits ..... 3,623 2,952 2,460 2,301 2,218 2,101 12
Long-term debt ................... 122 146 146 114 117 124 --
Stockholders' equity ............. 1,033 887 773 647 555 494 l6
RATIOS
Return on equity ................. 17.4% 18.1% 18.0% 18.1% 18.7% 18.7%
Return on assets ................. .99 1.03 1.20 1.15 1.29 1.27
Total risk-based capital ......... 12.7 14.6 16.4 15.1 15.3 15.7
Internal capital generation rate . 13.6 14.3 14.3 14.3 14.9 14.9
Leverage ......................... 5.3 5.9 6.2 6.2 6.7 6.7
Employees at year end ............ 10,117 9,338 8,321 8,129 7,624 7,298 7
<FN>
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<F1>(1) Results for 1991 include a non-recurring gain on sale of the credit card loan portfolio, which
increased net income $32.6 million, equal to $.44 primary and $.43 fully diluted per share.
<F2>(2) Per share amounts for 1988 to 1991 have been restated to reflect a two-for-one stock split
distributed in 1992.