EXHIBIT 13.1
FIVE YEAR SELECTED FINANCIAL DATA
SELECTED FINANCIAL DATA
State Street Boston Corporation
Compound
Growth
(Dollars in millions, Rate
except per share data) 1994 1993 1992 1991 1990 1989 89-94
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OPERATING RESULTS (1)
Fee revenue ..................... $ 981.0 $ 833.4 $ 702.9 $ 563.9 $ 502.9 $ 443.6 17%
Gain on sale of credit card loan
portfolio (1) ................. 56.2
Interest revenue - taxable
equivalent .................... 928.5 719.2 728.0 756.5 838.3 663.8 7
Interest expense ................ 537.5 381.3 432.1 464.2 546.7 431.3 5
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Net interest revenue - taxable
equivalent .................... 391.0 337.9 295.9 292.3 291.6 232.5 11
Provision for loan losses ....... 11.6 11.3 12.2 60.0 45.7 19.4
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Total revenue ................... 1,360.4 1,160.0 986.6 852.4 748.8 656.7 16
Operating expenses .............. 1,016.4 862.3 716.4 608.5 544.6 478.0 16
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Income before income taxes on
a taxable equivalent basis .. 344.0 297.7 270.2 243.9 204.2 178.7 14
Income taxes .................... 112.8 97.6 96.1 85.8 66.1 59.2
Taxable equivalent adjustment ... 23.8 20.3 13.7 18.8 20.8 15.5
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Net Income ...................... $ 207.4 $ 179.8 $ 160.4 $ 139.3 $ 117.3 $ 104.0 15
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PER SHARE (2)
Earnings(1):
Primary ....................... $ 2.70 $ 2.36 $ 2.10 $ 1.86 $ 1.59 $ 1.42 14
Fully diluted ................. 2.68 2.33 2.07 1.81 1.55 1.38 14
Cash dividends declared ......... .60 .52 .445 .385 .34 .30 15
Book value at year end .......... 16.10 14.56 12.70 10.97 9.51 8.29 14
Closing price ................... 28.63 37.50 43.75 32.13 17.44 19.63 8
ANNUAL AVERAGES
Interest-earning assets ......... $ 19,184 $ 16,222 $ 13,854 $ 10,131 $ 8,947 $ 6,953 23
Total assets .................... 21,903 18,169 15,502 11,574 10,233 8,089 22
Noninterest-bearing deposits .... 4,154 3,623 2,952 2,460 2,301 2,218 13
Long-term debt .................. 128 122 146 146 114 117 2
Stockholders' equity ............ 1,182 1,033 887 773 647 555 16
RATIOS
Return on equity ................ 17.5% 17.4% 18.1% 18.0% 18.1% 18.7%
Return on assets ................ .95 .99 1.03 1.20 1.15 1.29
Total risk-based capital ........ 13.4 12.7 14.6 16.4 15.1 15.3
Internal capital generation rate 13.7 13.6 14.3 14.3 14.3 14.9
Leverage ........................ 5.4 5.3 5.9 6.2 6.2 6.7
Employees at year end ........... 11,127 10,117 9,338 8,321 8,129 7,624 8
<FN>
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<F1> Results for 1991 include a non-recurring gain on the sale of the credit
card loan portfolio, which increased net income by $32.6 million, equal to
$.44 primary and $.43 fully diluted per share.
<F2> Per share amounts for 1989 to 1991 have been restated to reflect a
two-for-one stock split distributed in 1992.