27 July 2017
Reporter: Mark Dugdale

State Street receives securities finance revenue boost

State Street earned securities finance revenue of $179 million in Q2 thanks to a boost at the bank in enhanced custody, as its assets under custody and administration exceeded $31 trillion for the first time.

Securities finance revenue was up significantly on Q1 2017’s $133 million and Q2 2016’s $156 million, reflecting higher revenue from, and growth in, enhanced custody.

Assets under custody and administration at State Street reached $31.04 trillion in Q2 2017, surpassing Q1 2017’s $29.83 trillion and Q2 2016’s $27.79 trillion.

Joseph Hooley, chairman and CEO of State Street, said: “We are very pleased with our second-quarter results, delivering a record level of quarterly earnings per share that reflect continued strength in global equity markets as well as momentum in our asset servicing and asset management businesses.”

“We also for the first time exceeded $31 trillion in assets under custody and administration this quarter fuelled by a combination of new business activity and higher equity markets.”

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