State Street has reported net income available to common shareholders of $542m for the third quarter of 2014, a marginal rise of 2% from $531m in the third quarter of 2013.
For the quarter ended 30 September 2014, revenue was $2.58bn compared to $2.43bn in the corresponding quarter of last year.
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Net interest revenue of $570m increased from $546m in the third quarter of 2013.
The company’s expenses of $1.89bn increased from $1.72bn in the year ago period.
Return on average common shareholders’ equity (ROE) of 10.6% decreased from 10.8% in the third quarter of 2013.
Joseph Hooley, State Street’s chairman, president and CEO, said, "Our third-quarter results demonstrated good growth in asset servicing and asset management fees, which together were up 9% from the third quarter of 2013, reflecting improved equity markets and new business.
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By GlobalData"Our market-driven revenues also performed well in a traditionally seasonally slow quarter. We won new business commitments of $302bn of assets to be serviced and had $3bn of net new assets to be managed during the quarter demonstrating the continued strength of our business.
"Despite the current challenges we face from low interest rates, we have leveraged our strong market positions and capabilities to generate profitable top-line growth."
