State Street Corporation (STT) has reported 3.10 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $563 million, or $1.29 a share in the quarter, compared with $581 million, or $1.31 a share for the same period last year. On an adjusted basis, earnings per share were at $1.35 for the quarter compared with $1.15 in the same period last year. Revenue during the quarter went up marginally by 0.23 percent to $2,620 million from $2,614 million in the previous year period. Net interest income for the quarter rose 4.68 percent over the prior year period to $537 million. Non-interest income for the quarter rose 0.49 percent over the last year period to $407 million.
Net interest margin improved 11 basis points to 1.06 percent in the quarter from 0.95 percent in the last year period.
Liabilities outpace assets growthTotal assets stood at $256,140 million as on Sep. 30, 2016, up 3.59 percent compared with $247,274 million on Sep. 30, 2015. On the other hand, total liabilities stood at $233,959 million as on Sep. 30, 2016, up 3.64 percent from $225,742 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $21,451 million as on Sep. 30, 2016, up 12.79 percent compared with $19,019 million on Sep. 30, 2015. Deposits stood at $198,766 million as on Sep. 30, 2016, up 6.65 percent compared with $186,367 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $60,545 million or 30.46 percent of total deposits on Sep. 30, 2016, compared with $58,426 million or 31.35 percent of total deposits on Sep. 30, 2015.
Investments stood at $100,951 million as on Sep. 30, 2016, up 2.19 percent or $2,168 million from year-ago. Shareholders equity stood at $22,181 million as on Sep. 30, 2016, up 3.01 percent or $649 million from year-ago.
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