State Street Reports Higher Third-Quarter Profit and Revenue
Record quarterly servicing and management fees boosted revenue. Total expenses rose 8%, driven by higher compensation and employee benefits, and information systems and communications expenses.
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12:09:26 PM UTC
SquawkNews
WASHINGTON (dpa-AFX) - State Street Corp. (STT), a financial services and bank holding company, Wednesday reported a 27% increase in third-quarter profit, primarily helped by growth in net interest income and fee revenue.Net income increased to $1.090 billion or 3.69 per share from $861 million or…
State Street posted higher profit and revenue in the third quarter, supported by record quarterly servicing and management fees. Total expenses increased 8%, reflecting higher compensation and employee benefits costs, along with increased information systems and communications expenses. 1…