State Street has posted a net income available to common shareholders of $629m for the third quarter of 2017, a surge of 24% compared to $507m a year ago.

The company’s revenue for the period ended 30 September 2017 was $2.84bn, up 8% compared to $2.62bn in the corresponding year ago quarter.

Net interest income was $603m, up 12% from $537m in the previous year. The firm’s return on average common equity stood at 13%, versus 10.6% in the third quarter of 2016.

State Street’s assets under management totalled $2.67 trillion at the end of September 2017, up 9% from $2.44 trillion a year earlier. Assets under custody and administration increased 10% year-on-year to $32.11 trillion.

Commenting on the performance, State Street chairman and CEO Joseph Hooley said: “Third-quarter results, including double-digit EPS growth and a meaningful increase in return on equity, reflect continued strength in equity markets and strong business momentum.

“We continue to develop new product solutions to support our clients’ success, which in turn has helped drive new servicing commitments. Importantly, new business opportunities remain robust across both the asset servicing and asset management businesses.”