State Street Corp. (STT) reported first-quarter net income to shareholders of $377 million or $0.90 per share, compared to $356 million or $0.81 per share, prior year. First-quarter 2015 results included net after-tax charges of $150 million or $0.36 per share. First-quarter operating-basis EPS was $1.17.
On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.05 for the quarter. Analysts' estimates typically exclude special items.
Revenue of $2.61 billion increased from $2.49 billion in the first quarter of 2014. On an Operating-Basis, revenue increased to $2.68 billion from $2.56 billion last year. Analysts expected revenue of $2.67 billion for the quarter.
Joseph Hooley, State Street's CEO said, "We are pleased with our first-quarter 2015 results, which reflect strong fee revenue growth compared to the first quarter of 2014, continued momentum of our core business, and our focus on managing expenses. We continue to benefit from our strong market position and client demand for our servicing solutions remains robust as evidenced by $214 billion of new servicing commitments."
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