State Street (STT) Beats On Q2 Earnings As Expenses Fall
Zacks Investment Research | Jul 26, 2016 10:10PM ET
Lower costs driven by a successful expense savings initiative led State Street Corporation’s (NYSE:STT) second-quarter 2016 operating earnings of $1.46 per share, which handily surpassed the Zacks Consensus Estimate of $1.26. Also, the reported figure was up 7.4% year over year.
Better-than-expected results were driven by lower expense base and improved processing fees and other revenue. These were partly offset by a decline in net interest revenue, trading services revenue, management fees and servicing fees. A strengthening U.S. dollar and the challenging market environment adversely impacted operating revenues. Also, growth in assets remained under strain.
After considering certain non-recurring items, net income available to common shareholders came in at $585 million or $1.47 per share, up from $389 million or 93 cents per share in the year-ago quarter.
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