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July 27, 2017

State Street net income almost flat at $584m in Q2

State Street has posted a net income available to common shareholders of $584m for the second quarter of 2017, a marginal fall of 0.2% compared $585m a year ago.

The company’s quarterly revenue was $2.81bn, up 9.2% compared to $2.57bn in the second quarter of 2016.

Net interest income increased 10.4% to $575m from $521m in the previous year.

The firm’s return on average common equity stood at 12.6%, versus 12.4% in the corresponding year ago period.

State Street’s assets under management stood $2.6 trillion as at 30 June 2017, a 13.3% rise compared to $2.3 trillion a year ago. Assets under custody and administration increased 11.7% year-on-year to $31 trillion.

State Street chairman and CEO Joseph Hooley said: “We are very pleased with our second-quarter results, delivering a record level of quarterly earnings per share that reflect continued strength in global equity markets as well as momentum in our asset servicing and asset management businesses.

“We also for the first time exceeded $31 trillion in assets under custody and administration this quarter fueled by a combination of new business activity and higher equity markets.”

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