(By Balachander S) State Street Corp. (NYSE: STT) reported higher fourth-quarter earnings, beating Wall Street projections, on revenue growth.
Non-GAAP EPS were $1.11, up 19 percent from $0.93 in the year-ago quarter. In the previous quarter, STT earned $0.99 a share.
GAAP net income available to common shareholders was $468 million, up 26 percent from the year-ago period and down 28 percent from the prior quarter.
Total revenue rose 7 percent to $2.46 billion. On a sequential basis, revenue gained 3.2 percent.
"The fourth-quarter...results reflect continued resilience across our asset servicing and asset management businesses," commented CEO Joseph Hooley. "We experienced strong demand for our solutions as evidenced by $649 billion in asset servicing wins and a continued strong pipeline."
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Wall Street analysts, on average, expected earnings of $1.00 per share on revenue of $2.36 billion.
Net interest margin dropped to 1.36 percent from 1.40 percent in the same period of last year and $1.44 percent in the third quarter.
Total expenses were $1.71 billion, up 4.8 percent and 3 percent from the year-ago quarter and previous quarter, respectively.
STT shares, which have been trading between $38.21 and $51.33 in the past 52 weeks, closed Thursday's regular trading at $50.38.