State Street (STT) Tops Q2 EPS by 21c

July 27, 2016 7:07 AM EDT

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State Street (NYSE: STT) reported Q2 EPS of $1.47, $0.21 better than the analyst estimate of $1.26. Revenue for the quarter came in at $2.57 billion versus the consensus estimate of $2.65 billion.

"We are pleased with our strong second-quarter results, which reflect strong fee revenue growth compared to the first quarter, driven by growth in our core asset servicing and asset management fees. Demand remains robust across our global client base as demonstrated by new servicing commitments of approximately $750 billion, including our appointment by Deka Bank and Allianz Global Investors to provide a range of investment services for $583 billion in assets. Our focus on expenses generated a decrease in expenses compared to the second quarter of 2015. These results also reflect our success to date in implementing our multi-year digital transformation program, State Street Beacon, which is delivering savings and efficiencies, as well as new product innovations for our clients.”

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

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