State Street Q2 Profit Declines 2%

State Street Corp. (STT) reported Friday that net income for the second quarter decreased 2 percent to $747 million from $763 million from last year, with earnings per share declining 8 percent to $1.91 from last year's $2.07.

Excluding items, the company reported adjusted earnings of $1.94 per share for the quarter.

Total revenue for the quarter decreased 3 percent to $2.95 billion from $3.03 billion in the same quarter last year. Analysts expected revenues of $2.99 billion for the quarter.

Fee revenue decreased 6 percent, primarily reflecting lower Servicing fees and other fee revenue as well as the impact of currency translation, partially offset by higher FX trading services revenue.

In June, State Street announced a planned 10% increase to third-quarter quarterly common stock dividend to $0.63 per share, subject to approval by the Board of Directors, and its intention to resume its common share repurchase program in fourth quarter.

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