State Street has posted a net income available to common shareholders of $585m for the second quarter of 2016, a jump of 50.4% from $389m the year earlier.
The company’s quarterly revenue was $2.57bn, a decline of 1.3% from $2.61bn in the second quarter of 2015.
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Net interest revenue stood at $521m, a 2.6% decrease from $535m a year ago. Total expenses dipped 12.8% year-on-year to $1.86bn.
The firm's return on average common equity increased to 12.4% from 8.2% in the corresponding quarter of 2015.
Compared to the previous quarter, State Street's assets under management was down by 3.1% to $2.3 trillion, while assets under custody and administration dipped 3% to $27.8 trillion.
State Street chairman and CEO Joseph Hooley said: "We are pleased with our strong second-quarter results, which reflect strong fee revenue growth compared to the first quarter, driven by growth in our core asset servicing and asset management fees. Demand remains robust across our global client base as demonstrated by new servicing commitments of approximately $750 billion, including our appointment by Deka Bank and Allianz Global Investors to provide a range of investment services for $583 billion in assets.
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By GlobalData“Our focus on expenses generated a decrease in expenses compared to the second quarter of 2015. These results also reflect our success to date in implementing our multi-year digital transformation program, State Street Beacon, which is delivering savings and efficiencies, as well as new product innovations for our clients.”
