State Street profit falls 22 pct as expenses rise

April 25 Fri Apr 25, 2014 7:20am EDT

April 25 (Reuters) - State Street Corp, the world's second-largest custody bank, reported a 22 percent fall in quarterly profit, mainly due to higher operating expenses.

The net income available to common shareholders fell to $356 million, or 81 cents per share, in the first quarter ended March 31, from $455 million, or 98 cents per share, a year earlier.

Total operating expenses rose about 6 percent to $1.92 billion. (Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty)