State Street reported a 56% rise in quarterly profit, driven by a jump in fees earned from managing client assets.
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’s total fee revenue rose 17% to $3.19 billion in the quarter, with its foreign exchange trading services revenue jumping nearly 26% to $494 million.
The bank’s quarterly profit rose to $1.08 billion, or $3.65 per share, from $693 million, or $2.17 per share, a year earlier.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
