State Street Sees Earnings Rise 25% in First Quarter
State Street (NYSE: STT) reported a 25% increase in first-quarter earnings today compared to the same period last year, beating analysts' estimates.
The Boston-based asset manager and custody bank saw earnings per share jump to $1.62 in the quarter, a 37% increase over the first quarter of 2019.
Revenue was up 4.5% to $3.1 billion year over year. While net interest income was down 1.3% due to rate cuts, fee revenue rose 6.2% to $2.4 billion. Fee revenue was boosted by higher servicing and management fees, up 3% and 7%, respectively, along with record-high foreign exchange trading services revenue due to market volatility. Foreign exchange trading fees soared 64%.
Source Fool.com
