State Street Gains as Q1 Earnings Beat on NII, Fee Revenue Growth

STT topped Q1 earnings estimates, helped by surging net interest income, fee revenue, and record assets under custody/administration and assets under management. The result was partially offset by higher expenses and provisions, making the print a solid but not perfect beat. Overall, the quarter points to improving core operating momentum at the bank/asset-servicing firm.

Analysis

STT topped Q1 earnings estimates, helped by surging net interest income, fee revenue, and record assets under custody/administration and assets under management. The result was partially offset by higher expenses and provisions, making the print a solid but not perfect beat. Overall, the quarter points to improving core operating momentum at the bank/asset-servicing firm.