State Street's quarterly profit jumps 56% on strong fee income
State Street's quarterly profit jumps 56% on strong fee income July 16 (Reuters) - Custodian bank State Street STT.N reported a rise in profit on Thursday, driven by a jump in fees earned from managing client assets.
Shares of the bank, which have gained nearly 45% in 2026 and outperformed the broader markets, were up 1.8% in trading before the bell.
Here are more details from the earnings report:
The bank's assets under custody and administration jumped 18% to $57.86 trillion in the three months ended June 30 from a year earlier, driven by higher market levels, flows and net new business.
State Street reported investment management assets under management of $6.28 trillion, a growth of 23% over the year-ago period.
Its total fee revenue rose 17% to $3.19 billion in the quarter.
The bank's foreign exchange trading services revenue jumped nearly 26% to $494 million in the quarter, boosted by higher client volumes mostly in Asia-Pacific.
Its quarterly profit rose to $1.08 billion, or $3.65 per share, from $693 million, or $2.17 per share, a year earlier.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shreya Biswas)
((Pritam.Biswas@thomsonreuters.com;))
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