State Street Q2 Adj. EPS Up 18% YoY Ex-notables

(RTTNews) - State Street Corp. (STT) reported second quarter net income of $693 million, down 3% from a year ago. EPS was $2.17, up 1%. Ex-notables, EPS was $2.53, up 18% from last year. Analysts on average expected the company to report profit per share of $2.39, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenue was $3.4 billion, up 8% from a year ago or; up 9% ex-notables. Fee revenue was $2.7 billion, up 11%; or up 12% ex-notables. Net interest income was $729 million, down 1% primarily driven by lower average short-end rates and deposit mix shift, partially offset by continued loan growth and securities portfolio repricing. Total expenses were $2.5 billion, up 11%; or up 6% ex-notables.

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