State Street Q2 Profit Up 10%, Results Top Estimates - Quick Facts

(RTTNews) - State Street Corp. (STT) reported Friday that net income for the second quarter increased 10 percent to $763 million from $694 million from last year, with earnings per share increasing 11 percent to $2.07 from last year's $1.86.

Excluding items, the company reported adjusted earnings of $1.97 per share for the quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.79 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 3 percent to $3.03 billion from $2.94 billion in the same quarter last year. Analysts expected revenues of $2.94 billion for the quarter.

Fee revenue increased 6 percent, primarily reflecting strong Servicing and Management fees, partially offset by lower FX trading services and Software and processing fees.

State Street's Board also authorized a common share repurchase program of up to $3 billion through 2022.