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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GE Aerospace | NYSE:GE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.18 | 0.70% | 169.15 | 170.80 | 167.22 | 167.80 | 4,781,833 | 00:59:59 |
State Street Corp. said its quarterly profit declined on higher costs and lower fee revenue, while its asset-management business logged $36 billion in net outflows, excluding a recent acquisition.
The Boston-based trust bank reported earnings of $507 million, or $1.29 a share, down from $539 million, or $1.31 a share, a year ago. On an operating basis, earnings rose to $1.35 a share from $1.15. Revenue increased 0.2% to $2.62 billion.
Analysts polled by Thomson Reuters had expected $1.25 a share in earnings on $2.72 billion in revenue.
Fees, which represent about 80% of the bank's top line, fell 1.1% to $2.08 billion. Lower assets, domestic and international market declines and lower foreign exchange trading volumes cut into fee revenue.
Expenses increased 1.1% from a year earlier to $1.98 billion, on higher information technology and acquisition costs as compensation and occupancy expenses fell.
In July State Street completed its $485 million acquisition of General Electric Co.'s asset-management unit. Wednesday, State Street said client retention rates were exceeding its expectations.
Excluding that purchase, State Street had net outflows of $36 billion during the quarter of 2016, with net inflows of $12 billion to exchange-traded funds being offset by outflows from cash and institutional clients.
Assets under custody and administration increased 7% to $29.18 trillion and assets under management increased 11% to $2.45 trillion from a year ago.
State Street shares, up 22% in the past three months, were inactive premarket.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 26, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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