Exhibit 13.1
SELECTED FINANCIAL DATA - State Street Boston Corporation
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Compound
Growth
Rate
(Dollars in millions, except per share data) 1996 1995 1994 1993 1992 1991 91-96
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OPERATING RESULTS - TAXABLE EQUIVALENT BASIS
Fee revenue ................................... $ 1,302 $ 1,119 $ 1,017 $ 866 $ 743 $ 597 17%
Gain on sale of credit card loan portfolio .... 56
Interest revenue .............................. 1,480 1,371 961 751 771 804 13
Interest expense .............................. 892 907 544 394 450 488 13
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Net interest revenue ....................... 588 464 417 357 321 316 13
Provision for loan losses ..................... 8 8 11 11 12 60
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Total revenue .............................. 1,882 1,575 1,423 1,212 1,052 909 16
Operating expenses ............................ 1,398 1,174 1,058 899 766 647 17
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Income before income taxes ................. 484 401 365 313 286 262 13
Income taxes .................................. 154 119 120 102 101 90
Taxable equivalent adjustment ................. 37 35 25 22 15 21
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Net Income ................................. $ 293 $ 247 $ 220 $ 189 $ 170 $ 151 14
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PER SHARE
Earnings:
Primary .................................... $ 3.59 $ 2.98 $ 2.66 $ 2.30 $ 2.07 $ 1.87 14
Fully diluted .............................. 3.56 2.95 2.64 2.28 2.04 1.83 14
Cash dividends declared ....................... 76 .68 .60 .52 .445 .385 15
Book value at year end ........................ 21.87 19.27 16.22 14.68 12.83 11.11 15
Closing price at year end ..................... 64.63 45.00 28.63 37.50 43.75 32.13 15
Fully diluted shares outstanding (in thousands) 82,311 83,843 83,454 83,149 83,670 83,088
ANNUAL AVERAGES
Interest-earning assets ....................... $ 26,359 $ 23,120 $ 19,927 $ 16,885 $ 14,504 $ 10,680 20
Total assets .................................. 29,483 26,182 22,795 18,927 16,255 12,194 19
Noninterest-bearing deposits .................. 4,638 4,113 4,701 4,059 3,305 2,674 12
Non-U.S. deposits ............................. 10,372 8,470 7,392 4,954 3,955 2,648 31
Long-term debt ................................ 213 127 128 122 146 146 8
Stockholders' equity .......................... 1,618 1,483 1,284 1,125 970 844 14
RATIOS
Return on equity .............................. 18.1% 16.7% 17.2% 16.8% 17.5% 17.9%
Internal capital generation rate .............. 14.3 12.9 13.3 13.1 13.8 14.3
Employees at year end ......................... 12,792 11,324 11,528 10,445 9,698 8,670 8
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o 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.
o Results for 1991 included a non-recurring gain on the sale of the credit card loan portfolio, which increased net income $33
million, equal to $.41 primary and $.40 fully diluted per share.
o Per share amounts for 1991 have been restated to reflect a two-for-one stock split distributed in 1992.