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State Street reports lower Q3 net income YOY

Boston-based State Street Corp. reported third-quarter net income of $583 million, or $1.42 per share, down from $764 million, or $1.87 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the third quarter was $1.36.

Total revenue decreased 2.9% year over year to $2.90 billion from $2.99 billion. Fee revenue totaled $2.26 billion, down 2.5% from $2.32 billion in the year-ago quarter.

Net interest income was down 4.2% year over year to $644 million from $672 million

Total expenses grew 4.3% to $2.18 billion in the most recent quarter from $2.09 billion a year ago.

On a fully taxable-equivalent basis, net interest margin for the third quarter was 1.42%, versus 1.38% in the linked quarter and 1.48% in the year-ago quarter.

Assets under management were up 5.1% year over year to $2.953 trillion. Assets under custody and/or administration fell 3.2% year over year to $32.899 trillion.