State Street has posted a net income available to common shareholders of $507m for the third quarter of 2016, down 5.9% from $539m a year ago.
The company’s quarterly revenue stood at $2.62bn, a rise of 0.2% from $2.61bn in the prior year.
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Net interest revenue increased $537m from $513m in the third quarter of 2015. Total expenses increased 1.1% year-on-year to $1.98bn.
The firm's return on average common equity dipped to 10.6% at the end of the third quarter of 2016 from 11.3% a year earlier.
Compared to the previous quarter, State Street's assets under management increased 11% to $2.4 trillion, while assets under custody and administration were up by 7% to $29.1 trillion.
State Street chairman and CEO Joseph Hooley said: “Our third-quarter 2016 results reflect continued momentum in fee revenue and our ongoing commitment to expense management.
“Consistent with the breadth and depth of our client relationships, our new business results remain strong with $1.2 trillion in new asset servicing commitments year-to-date, including $212 billion in the third quarter.”
