State Street Corp. (NYSE:STT) reported stronger-than-expected second-quarter results on Thursday.
The company posted earnings of $3.65 per share, topping analysts’ estimates of $3.29. Revenue increased 17% year over year (Y/Y) to $4.05 billion, exceeding the Street’s expectation of $3.88 billion.
Fee revenue rose 17%, driven by higher Servicing and Management fees along with higher FX trading services revenue.
Servicing fees increased 13% Y/Y, and management fees jumped 29% Y/Y, while foreign exchange trading surged 26% Y/Y. Software services fell 2% Y/Y, while securities finance revenue grew 19% Y/Y in the quarter.
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