WASHINGTON (dpa-AFX) - State Street Corp. (STT) Monday reported lower profit for the first quarter impacted by higher expenses.
Profit for the first quarter decreased to $549 million or $1.52 per share from $604 million or $1.57 per share a year ago.
Quarterly revenue, however, increased to $3.101 billion from $3.081 billion last year.
The company said its net interest income increased 50% year-on-year to $766 million, primarily due to higher short-term market rates from global central bank hikes, an increase in long-term interest rates and balance sheet positioning.
Provision for credit losses was $44 million for the first quarter, compared with nil last year.
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