From Yahoo Finance: 2025-04-17 09:21:00

Custodian bank State Street saw a 39% increase in first-quarter profit due to lower expenses and higher fees from managing client assets. Assets under custody and administration rose 6% to $46.7 trillion, with total fee revenue climbing 6% to $2.57 billion. However, market turmoil from trade policy uncertainties could impact trust banks’ fee income.

State Street is more exposed to declining markets among trust banks, with a larger share of revenue from servicing and asset management. CEO Ron O’Hanley noted global economic uncertainty. Analysts expect a more visible impact in the second quarter due to market weakness. State Street’s expenses fell 3% to $2.45 billion in the first quarter.

State Street’s quarterly profit rose to $644 million, with foreign exchange trading services revenue up 9.4% to $362 million. Rival BNY beat profit expectations, while Northern Trust is set to report results next week. State Street’s shares have dropped 19% this year, compared to a 10% slide in the S&P 500 index.



Read more at Yahoo Finance: State Street’s quarterly profit jumps 39% on strong fee income, lower expenses