State Street Corp. reported net income available to common shareholders of $632 million, or $1.73 per share, in the fourth quarter of 2019, surging from $396 million, or $1.03 per share, in the year-ago period.
The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.59.
Total revenue for the fourth quarter of 2019 was $3.05 billion, slightly up from $3.02 billion in the fourth quarter of 2018.
Net interest income in the fourth quarter was $636 million, down 1.2% from $644 million in the linked quarter and 8.8% lower than $697 million in the fourth quarter of 2018.
Total expenses in the fourth quarter of 2019 amounted to $2.27 billion, 4% higher than the $2.18 billion in the linked quarter, but 8.8% lower than the $2.49 billion in the fourth quarter of 2018.
Assets under management grew to $3.116 trillion, up 5.5% from $2.953 trillion in the third quarter of 2019 and 24.1% from $2.511 trillion in the fourth quarter of 2018.
For full year 2019, State Street posted net income available to common shareholders of $2.15 billion, or $5.75 per share, down from $2.40 billion, or $6.39 per share, in 2018.