logo
  

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.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT