STT State Street Corporation

   By Austen Hufford 
 

State Street Corp. (STT) reported results for its first quarter Friday. Here's what you need to know:

REVENUE: Increases in both fee-based revenue and net interest income drove a 13% rise in top-line revenue to $3.02 billion, compared to the $3 billion expected by analysts polled by Thomson Reuters.

PROFIT: The company posted a profit of $661 million, before dividends on preferred stock was paid out, compared to $502 million a year before. On a per-share basis, earnings grew to $1.62, from $1.15. Analysts had expected $1.59.

SHARES: Shares were inactive in early pre-market trading.

AUM: State Street said market appreciation and client momentum lead to growth for both assets under management and assets under custody and administration. AUCA grew 12% to $33.3 trillion from a year before. AUM grew 7% to $2.73 trillion, though it dropped from the fourth quarter.

FEES: Total fee revenue rose 8% to $2.36 billion, driven by stock market appreciation, new business for the company and higher trading activity.

Write to Austen Hufford at Austen.Hufford@wsj.com

(END) Dow Jones Newswires

April 20, 2018 07:59 ET (11:59 GMT)

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