Profits on the up at State Street

City A.M. Reporter
STATE Street, the world’s second-largest standalone custody bank, said yesterday that third-quarter operating profit rose 14 per cent on double-digit gains in revenue from servicing client assets and managing money.

The company’s operating profit was $537m (£330.8m), or $1.19 a share, compared with $473m, or 99 cents a share, a year earlier.

Compensation and employee benefit costs declined 1.4 per cent to $903m.