WASHINGTON (dpa-AFX) - State Street Corp. (STT), a financial services and bank holding company, Wednesday reported a 27% increase in third-quarter profit, primarily helped by growth in net interest income and fee revenue.
Net income increased to $1.090 billion or 3.69 per share from $861 million or $2.78 per share a year earlier.
Total revenue rose 13% to $4.004 billion from $3.545 billion a year ago. Fee revenue increased 11% to $3.140 billion, and net interest income climbed 21% to $864 million.
The provision for credit losses was a benefit of $4 million, compared with a provision of $9 million a year earlier.
Total Assets Under management increased 16% year-on-year to $6.306 billion.
State Street shares were down more than 4% in pre-market trading after closing at $174.10 on Tuesday.
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