State Street (STT) Tops Q1 EPS by 3c

State Street (NYSE: STT) reported Q1 EPS of $1.62, $0.03 better than the analyst estimate of $1.59.

In announcing today’s financial results, Joseph L. Hooley, State Street’s Chairman and Chief Executive Officer, said, "First-quarter 2018 results reflect strong growth in both fee revenue and net interest income. Servicing fees increased 10% from 1Q17, reflecting strength in equity markets and continued strong business momentum.

Hooley added, "We continue to execute on State Street Beacon, enhancing the client experience by providing new solutions and insights, while driving efficiencies across the organization. As a result of our multi-year investment in technology, we have been able to win new mandates and expand existing relationships as demonstrated by the record level of new servicing commitments of $1.3 trillion in 1Q18."

Hooley concluded, "We are well positioned to achieve the financial objectives for 2018 we announced in January, while remaining focused on servicing our clients and investing in new products and offerings."

For earnings history and earnings-related data on State Street (STT) click here.

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