State Street, the Boston-based asset manager and custody bank, has posted its highest second quarter earnings per share (EPS) on record.
Compared with the second quarter of 2016 EPS rose 14% to $1.67. Year-on-year, return on equity rose 13.7%, revenue rose 10% and fee revenue 9%.
Assets under management grew 13% to $2.6 trillion (€2.22 trillion) compared with the second quarter of 2016.
Joseph Hooley, State Street’s chairman and chief executive, said: “We are very pleased with our second-quarter results, delivering a record level of quarterly earnings per share that reflect continued strength in global equity markets as well as momentum in our asset servicing and asset management businesses.”
He added that the firm had for the first time exceeded $31 trillion in assets under custody and administration fuelled by a combination of new business activity and higher equity markets.
In June, State Street’s board of directors approved a $1.4 billion common stock purchase program following the Federal Reserve’s review of its capital plan.
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