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.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“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.”
