State Street sees net interest margin falling in 2013
BOSTON, Sept 11
BOSTON, Sept 11 (Reuters) - State Street Corp said Tuesday it expects its net interest margin to decline by 10 to 12 basis points in 2013, assuming interest rates remain at current levels.
Net interest margin, or NIM, is closely watched by analysts and investors because it largely represents the difference between what the bank pays on deposits and what it earns on the money through investing. A decline in the NIM could weigh down the Boston-based custody bank's results.
State Street provided the details in a presentation filed with the U.S. Securities and Exchange Commission. State Street Chief Executive Jay Hooley is scheduled to discuss the presentation Tuesday at the Barclays Financial Services Conference.
Meanwhile, State Street said its 2012 net interest margin forecast remains the same at 145 basis points to 155 basis points on an operating basis.
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