State Street Corporation (NYSE: STT), a bank holding company, announced results for the third quarter of FY25, reporting higher revenue and profit.
- Third-quarter revenue increased 9% Y-o-Y to $3.55 billion, helped by higher fee revenue
- Fee revenue increased by 8% in Q3, reflecting broad-based strength across the franchise.
- Net interest income decreased 1% annually, mainly due to lower average short-end rates and a deposit mix shift
- Net income rose sharply to $861 million in Q3 from $730 million in the year-ago quarter
- On a per-share basis, earnings climbed to $2.78 in the September quarter from $2.26 a year earlier
- Return on average common equity was 13.4% in the third quarter, vs. 12% in the prior-year period
- Investment Servicing Assets under Custody / Administration as of quarter-end increased 10% to $51.7 trillion
- Total expenses increased 5% to $2.43 billion, reflecting increases in investments to improve technology and business capabilities, revenue-related costs, and the impact of currency translation