State Street has posted a net income available to common shareholders of $377m for the first quarter of 2015, up 5.89% compared to $356m in the corresponding quarter of 2014.
Revenue for the first quarter rose by 4.81% to $2.61bn from $2.49bn a year earlier.
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Net interest revenue stood at $546m, a marginal decline of 1.62% from $555m in the first quarter of 2014. Expenses soared 3.44% to $2.10bn as against $2.03bn a year ago.
The firm’s return on average common shareholders’ equity (ROE) increased 7.9% from 7.2% a year earlier.
State Street chairman and CEO Joseph Hooley said, "We are pleased with our first-quarter 2015 results, which reflect strong fee revenue growth compared to the first quarter of 2014, continued momentum of our core business, and our focus on managing expenses. We continue to benefit from our strong market position and client demand for our servicing solutions remains robust as evidenced by $214 billion of new servicing commitments."
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