STT State Street Corporation

   By Allison Prang 
 

State Street Corp. (STT) reported a lower profit as fee income fell.

State Street said its first-quarter earnings were $508 million, which was a 23% decrease from the comparable quarter a year prior. The company reported earnings of $1.18 a share, down from $1.62 a share. Analysts polled by Refinitiv were expecting $1.17 a share.

The company said adjusted earnings were $1.24 a share. Analysts were expecting $1.19 a share.

Revenue fell 4.1%, to $2.93 billion, as fee revenue declined 6.4%. Analysts were expecting $2.92 billion in revenue.

Total assets under custody and total assets under custody and/or administration fell 1.9%. Total assets under management rose 2.8%.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 23, 2019 07:35 ET (11:35 GMT)

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