State Street Q2 Profit Matches Estimates - Quick Facts

(RTTNews) - State Street Corporation (STT) reported second-quarter net income available to shareholders of $393 million compared to $602 million in the second quarter of 2014. Earnings per common share was $0.94 compared to $1.38. The company noted that its second-quarter 2015 results include net after-tax charges of $156 million or $0.37 per share, to increase legal accrual associated with indirect foreign exchange matters. Second-quarter 2015 operating-basis EPS was $1.37.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37 for the quarter. Analysts' estimates typically exclude special items.

GAAP revenue was $2.61 billion compared to $2.60 billion in the second quarter of 2014. Non-GAAP total revenue increased to $2.73 billion from $2.68 billion, a year ago. Analysts expected revenue of $2.73 billion for the quarter.

Joseph Hooley, State Street's CEO said, "Second-quarter 2015 results reflect the strength of our core business, as evidenced by 4% growth in servicing fees compared to the first quarter of 2015, and also reflect the benefit of seasonal securities finance activity."