State Street has posted a net income available to common shareholders of $698m for the second quarter of 2018, a surge of 19% compared to $584m a year ago.
The company’s total revenue for the quarter ended 30 June 2018 was $3.02bn, up 8% from $2.81bn in the corresponding quarter of 2017.
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Net interest income was $659m, an increase of 14% from $575m in the previous year.
The firm’s return on average common equity stood at 14.7% at the end of June 2018, versus 12.6% last year.
State Street’s assets under management totalled $2.7 trillion at the end of June 2018, a 4% rise from $2.6 trillion last year.
State Street chairman and CEO Joseph Hooley said: “Second-quarter and year-to-date 2018 results reflect strength across our asset servicing and asset management businesses as well as the benefit from higher net interest income. Importantly, year-to-date EPS growth of 30% compared to the first half of 2017 was supported by a 6% and 20% increase in servicing fees and management fees, respectively.
“Demand remains strong across our global client base as demonstrated by new servicing commitments announced in the first half of 2018 of $1.5 trillion.”
