State Street Corporation (STT) has reported a 36.41 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $502 million in the quarter, compared with $368 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $468 million, or $1.21 a share compared with $396 million or $0.98 a share, a year ago. Revenue during the quarter grew 7.41 percent to $2,668 million from $2,484 million in the previous year period. Net interest income for the quarter dropped 0.39 percent over the prior year period to $510 million. Non-interest income for the quarter fell 9.80 percent over the last year period to $368 million.
State Street Corporation has made negative provision of $2 million for loan losses during the quarter, compared with a positive provision of $4 million in the same period last year.
Net interest margin improved 5 basis points to 1.17 percent in the quarter from 1.12 percent in the last year period.
Assets, liabilities fall
Total assets stood at $236,802 million as on Mar. 31, 2017, down 2.82 percent compared with $243,685 million on Mar. 31, 2016. On the other hand, total liabilities stood at $215,508 million as on Mar. 31, 2017, down 2.99 percent from $222,157 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $22,486 million as on Mar. 31, 2017, up 17.48 percent compared with $19,140 million on Mar. 31, 2016. Deposits stood at $183,465 million as on Mar. 31, 2017, down 1.11 percent compared with $185,516 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $56,786 million or 30.95 percent of total deposits on Mar. 31, 2017, compared with $54,248 million or 29.24 percent of total deposits on Mar. 31, 2016.
Investments stood at $95,584 million as on Mar. 31, 2017, down 7.35 percent or $7,587 million from year-ago. Shareholders equity stood at $21,294 million as on Mar. 31, 2017, down 1.09 percent or $234 million from year-ago.
At the same time, return on average equity increased 310 basis points to 9.90 percent in the quarter from 6.80 percent in the last year period.
Tier-1 leverage ratio stood at 6.80 percent for the quarter, down from 6.90 percent for the previous year quarter.
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