State Street Corp STT remains well-positioned for growth on the back of higher interest rates, efforts to improve fee income and strategic acquisitions. However, a rising expense base and concentrated fee-based revenues remain concerns. Nonetheless, solid capital distributions are another positive.State Street's Growth DriversHigher Rates to Aid Net Interest Revenue: State Street's net interest income (NII) and net interest margin (NIM) are anticipated to witness a modest expansion amid the relatively high-interest rate scenario. Both reflected a solid improvement in 2022 and 2023, driven by higher rates. NII experienced a compound annual growth rate (CAGR) of 7.8% over the three years ended 2023. Similarly, NIM expanded to 1.20% in 2023 from 1.03% in 2022.