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State Street bottomline dips 10 cents YOY; says cost cuts 'on track'

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State Street bottomline dips 10 cents YOY; says cost cuts 'on track'

State Street Corp. on April 27 reported first-quarter netincome available to common shareholders of $319 million, or 79 cents per share.It was $373 million, or 89 cents per share, in the first quarter of 2015.

On an operating basis, the Boston-basedcompany recorded net income available to common shareholders of $396 million, or98 cents per share. The S&P Capital IQ consensus normalized EPS estimate forthe recent quarter was 90 cents.

Fee revenue fell 4.1% year overyear to $1.97 billion. And while expenses were down 2.2% over the same period, theywere up 10.4% sequentially. State Street is, however, on track to generate at least$100 million in annualized pretax net run-rate expense savings in 2016, under itsexpense-cutting State Street Beacon program.

Net interest margin for the periodwas 1.12%, compared to 1.01% for both the linked and year-ago quarters.

Provision for loan losses was$4 million, compared to a $1 million provision in the previous period and $4 millionin the year-ago period.

StateStreet in the first quarter also bought back about $325 million of common stockand plans to repurchase up to $390 million in the second quarter.