* First-qtr oper. EPS $0.96 vs $0.84 a year earlier
* First quarter total rev up 1 pct to $2.44 bln
* Servicing fees rise 9 pct
April 19 State Street Corp, the No. 2
global custody bank, reported a higher-than-expected quarterly
profit as stronger equity markets and higher forex trading
volumes boosted fees.
Net income rose to $445 million, or 98 cents per share, in
the first quarter, from $417 million, or 85 cents per share, a
On an operating basis, net income available to common
shareholders rose to $443 million, or 96 cents per share, from
$410 million, or 84 cents per share, a year earlier.
Analysts on average were expecting 93 cents per share on an
adjusted basis, according to Thomson Reuters I/B/E/S.
"Overall, the environment continues to show signs of gradual
improvement as reflected by investors shifting into equities.
However, given the ongoing fragile state of the global markets,
we continue to remain cautious for 2013," Chief Executive
Officer Joseph Hooley said in a statement.
Total revenue rose 1 percent to $2.44 billion, while
servicing fees rose 9 percent to $1.18 billion.
State Street's assets under management rose about 10 percent
to $2.18 trillion from year-earlier levels. Expenses slipped
marginally to $1.83 billion from $1.84 billion a year earlier.
Custody banks lend stocks, track mutual fund prices and
collect and distribute dividend and interest payments for
State Street shares closed at $56.51 on Thursday on the New
York Stock Exchange.