State Street Corporation announced consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total revenue of $2,449 million compared to $2,315 million a year ago. Net income was $470 million compared to $381 million a year ago. Net income available to common shareholders was $468 million compared to $371 million a year ago. Diluted earnings per common share were $1.00 compared to $0.76 a year ago. Return on average common equity was 9.3% compared to 7.8% a year ago. Income before income tax expense was $587 million compared to $532 million a year ago. Total revenue, operating basis was $2,449 million compared to $2,315 million a year ago. Net income available to common shareholders, operating basis was $521 million compared to $454 million a year ago. Diluted earnings per common share, operating basis was $1.11 compared to $0.93 a year ago. Return on average common equity, operating basis was 10.3% compared to 9.5% a year ago.

For the year, the company reported total revenue of $9,649 million compared to $9,594 million a year ago. Net income was $2,061 million compared to $1,920 million a year ago. Net income available to common shareholders was $2,019 million compared to $1,882 million a year ago. Diluted earnings per common share were $4.20 compared to $3.79 a year ago. Return on average common equity was 10.3% compared to 10.0% a year ago. Income before income tax expense was $2,766 million compared to $2,536 million a year ago. Total revenue, operating basis was $9,730 million compared to $9,564 million a year ago. Net income available to common shareholders, operating basis was $1,898 million compared to $1,852 million a year ago. Diluted earnings per common share, operating basis was $3.95 compared to $3.73 a year ago. Return on average common equity, operating basis was 9.7% compared to 9.9% a year ago.

The company provided earnings guidance for the year 2013. For 2013, the company currently expects average earnings assets to grow in a range of 1% to 4% and operating basis net interest margin to be in the range of 130 to 140 basis points assuming interest rates, spreads and prepayments fees remain at their current levels through 2013.

The company expects effective tax rate on an operating basis for full year 2013 is expected to be generally consistent with the last 2 years in the range of 23% to 25%.