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State Street profit falls 22 pct as expenses rise
April 25, 2014 / 11:21 AM / 3 years ago

State Street profit falls 22 pct as expenses rise

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)

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