State Street has posted a net income available to common shareholders of $605m for the first quarter of 2018, a surge of 35% compared to $446m in the same period last year.
The company’s total revenue for the quarter ended 31 March 2018 was $3.02bn, up 13% from $2.67bn for the corresponding quarter of 2017.
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Net interest income was $658m, an increase of 29% from $510m in the previous year.
The firm’s return on average common equity stood at 12.8% at the end of the first quarter of 2018, versus 9.9% last year.
State Street’s assets under management totalled $2.7 trillion at the end of March 2018.
State Street chairman and CEO Joseph Hooley said: “First-quarter 2018 results reflect strong growth in both fee revenue and net interest income. Servicing fees increased 10% from 1Q17, reflecting strength in equity markets and continued strong business momentum.
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By GlobalData“We are well positioned to achieve the financial objectives for 2018 we announced in January, while remaining focused on servicing our clients and investing in new products and offerings.”
