State Street has registered net income available to common shareholders of $452m for the first quarter of 2019.

This represents a 25% plunge from $603m a year ago.

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The company’s revenue for the quarter ended 31 March 2019 was $2.93bn, down 4% from $3.05bn in the same quarter of 2018.

However, net interest income increased 5% to $673m from $643m.

The firm attributed the rise to higher interest rates in the US as well as disciplined deposit pricing.

Total expenses rose 1% year-on-year to $2.29bn.

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This was said to be mainly due to the takeover of Charles River Development.

The $2.6bn deal was announced in July 2018 and concluded last October.

The firm’s return on average common equity stood at 8.7% at the end of March 2019, versus 12.8% in the previous year.

State Street’s assets under management totalled $2.8 trillion as at 31 March 2019, a 3% rise from $2.73 trillion last year.

Assets under custody and administration dipped 2% to $32.64 trillion from $33.28 trillion.

State Street president and CEO Ronald O’Hanley said: “Given the secular trends impacting our industry, we continue to prioritise strong service quality and innovation and are working to reignite servicing fee revenue growth through initiatives targeted at specific client segments and markets.

“Reflecting our priorities, we also resumed share repurchases during the quarter, returning approximately $480 million of capital to shareholders in share repurchases and dividends, and believe we are well-positioned for the 2019 CCAR process.”