Shares of State Street (STT) rose in intraday trading Friday after the financial services provider posteဣd better-than-expected r🎐evenue on higher fees.

The bank reported overall first-quarter revenue rose 1.2% to $3.14 billion, beating estimates. Fee revenue was up 3.7% to $2.42 billion. 澳洲幸运5开奖号码历史查询:Earnings per share (EPS) of $1.37 was slightly below forecasts. 

State Street’s assets under custody/administration (AUC/A) climbed 16.7% to $43.9 trillion, and 澳洲幸运5开奖号码历史查询:assets under management (AUM) jum🎉ped 19.8% to $4.3 trillion. Both were record highs.

Fee revenues rose for servicing (+1%), management (+12%), and software and processing (+25%). They declined for currency trading (-3%) and securities finance (-12%).

澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Ron O'Hanley explained that the fee revenue growth “reflected robust performance across our Global Advisors and Front office solutions businesses, which, 🔯along with growth in Servicing fees, more than offset lower trading revenues as volatility remained muted.”

He added that the firm will “continue to focus on driving positive fee💯 operating leverage through fee revenue growth.”

State Street shares were up 2.4% to $75.64 around 10:45 a.m. ET Friday but remain nearly 3% lower in 2024.