State Street Corp. said Tuesday its second-quarter profit rose by nearly half as the financial services firm grew both its fee-based and interest revenue streams.
For the three months ended June 30, the company earned $548 million, or $1.35 per share, compared with $366 million, or $1.07 per share, during the same period a year earlier.
The most recent quarter included $22 million of after-tax costs related to State Street's acquisition of Investors Financial Services Corp. Excluding those expenses, the company would have earned $1.40 per share.
Analysts surveyed by Thomson Financial had expected the company to earn $1.36 per share. Those forecasts typically exclude one-time costs.
Revenue totaled $2.67 billion during the quarter, up from $1.92 billion a year earlier. Analysts forecast sales of $2.6 billion.
State Street said revenue from fees jumped to $2.01 billion from $1.54 billion. Servicing fees, which account for about half of all fee revenue, rose 28 percent.
Revenue from interest increased to $657 million from $385 million.
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