STSTTEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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STT earnings call: We expect fee revenue growth of 13% to 14%, up from 12% to 13% in July, reflecting favorability in servicing fees and healthy client activity in markets.道富集团 (STT) 电话会：我们预计收费收入增长率为13%至14%，较7月预期的12%至13%有所上调，反映出服务收费的利好以及市场中健康的客户活动。
Management remarks
Call period: 2026 Q3 · 2026-10-14
Guidance: John Woods: We expect fee revenue growth of 13% to 14%, up from 12% to 13% in July, reflecting favorability in servicing fees and healthy client activity in markets.
Demand and orders: John Woods: While FX volatility moderated relative to the prior year, client volumes still reached a new quarterly record, increasing over 30% year-over-year, supported by strength across EMEA and Asia Pacific.
Margins: John Woods: Net interest margin increased 16 basis points to 112 basis points, benefiting from a more favorable funding mix, continued investment portfolio repricing and the runoff of terminated hedges.
Analyst Q&A
Analyst Ebrahim Poonawala asked: Got it. And I guess maybe, Ron, one for you. You've talked about digital assets tokenization for a while now. It comes up with investors in terms of when we think about the build-out there, and we think about State Street, does the value from the new infrastructure offset the risk of losing some of the revenue on the traditional servicing side? Management Ronald O’Hanley answered: That's a good question. I think that the way we see it, there'll be a fairly long period of traditional finance and digital finance, just to use general terms, operating alongside each other. And an important part of our role as an infrastructure provider is to actually enable that on-ramp, off-ramp from traditional to digital and back again. So we really don't see in the -- certainly in the short term, but even in the medium term, a tremendous risk to revenue.
