State Street Corp. Q1 Profit Declines

(RTTNews) - State Street Corp. (STT) Monday reported lower profit for the first quarter impacted by higher expenses.

Profit for the first quarter decreased to $549 million or $1.52 per share from $604 million or $1.57 per share a year ago.

Quarterly revenue, however, increased to $3.101 billion from $3.081 billion last year.

The company said its net interest income increased 50% year-on-year to $766 million, primarily due to higher short-term market rates from global central bank hikes, an increase in long-term interest rates and balance sheet positioning.

Provision for credit losses was $44 million for the first quarter, compared with nil last year.