State Street has reported a net income of US$571 million, or US$1.24 per share, for the second quarter of 2013, a 15.6% increase compared to US$494 million, or US$1.01 per share, from the year ago period.
The firm’s second quarter revenue was US$2.56 billion, an increase of 4.9% compared to US$2.42 billion in the same quarter of 2012.
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State Street has reported net interest revenue of US$596 million for the second quarter of 2013, compared to US$672 million for the corresponding period in the previous year.
Joseph Hooley, chairman, president and CEO of State Street, said: "We reported a strong second quarter with revenue growth driven by new business and improved equity markets. Seasonal factors and increased market volatility benefited our securities finance and foreign exchange businesses.
"We remain focused on returning capital to our shareholders. During the second quarter of 2013, we purchased approximately US$560 million of our common stock and have approximately US$1.5 billion remaining on our March 2013 common stock purchase program authorising the purchase of up to US$2.1 billion of our common stock through 31 March 2014," Hooley added.
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