State Street Corp (STT) has reported 2.95 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $593 million, or $1.43 a share in the quarter, compared with $576 million, or $1.34 a share for the same period last year. On an adjusted basis, earnings per share were at $1.48 for the quarter compared with $1.21 in the same period last year. Revenue during the quarter went down marginally by 0.32 percent to $2,530 million from $2,538 million in the previous year period. Net interest income for the quarter rose 4.05 percent over the prior year period to $514 million. Non-interest income for the quarter rose 15.24 percent over the last year period to $431 million.
State Street Corp has made provision of $2 million for loan losses during the quarter, up 100 percent from $1 million in the same period last year.
Net interest margin improved 7 basis points to 1.08 percent in the quarter from 1.01 percent in the last year period.
Assets, liabilities fallTotal assets stood at $242,698 million as on Dec. 31, 2016, down 1.02 percent compared with $245,192 million on Dec. 31, 2015. On the other hand, total liabilities stood at $221,479 million as on Dec. 31, 2016, down 1.15 percent from $224,057 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $19,704 million as on Dec. 31, 2016, up 5.07 percent compared with $18,753 million on Dec. 31, 2015. Deposits stood at $187,163 million as on Dec. 31, 2016, down 2.33 percent compared with $191,627 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $59,397 million or 31.74 percent of total deposits on Dec. 31, 2016, compared with $65,800 million or 34.34 percent of total deposits on Dec. 31, 2015.
Investments stood at $98,191 million as on Dec. 31, 2016, down 2.66 percent or $2,680 million from year-ago. Shareholders equity stood at $21,219 million as on Dec. 31, 2016, up 0.40 percent or $84 million from year-ago.
At the same time, return on average equity increased 50 basis points to 12.10 percent in the quarter from 11.60 percent in the last year period.
Tier-1 leverage ratio stood at 6.50 percent for the quarter, down from 6.90 percent for the previous year quarter.
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