State Street International pays out €140m in dividends

A financial services firm employing over 960 employees here has paid dividends of €140m to its parent this year.

According to accounts filed by State Street International (Ireland) Ltd, operating profit last year fell by 77% from €991,135 to €228,606 in spite of revenues increasing by 17% from €106.88m to €124.36m.

The US-owned firm provides management and administration services to its subsidiaries. Numbers employed rose from 925 to 968 and labour costs increased from €57m to €62.27m.

According to the directors’ report “the company’s operating results and activities were in line with prior year. The directors are satisfied with the business performance of the year”.

Across Ireland, State Street employs 2,500 at locations in Dublin, Drogheda, Kilkenny and Naas.

In a post balance sheet event, the directors disclosed that €70m was received from State Street Custodial Services (Ireland) Ltd and a further €70m from State Street Fund Services (Ireland) Ltd in February of this year. The firm declared and paid a dividend of €140m in March of this year.

The accounts show that the firm recorded a pre-tax profit of €100,386 last year; substantially down on the €44.35m pre-tax profit in 2013.