Revenue from State Street’s assets under custody increased by 7 percent in Q3 2016.
The bank collected $29.18 billion in fees in Q3 2016, up from $27.27 billion in Q3 2015. Revenue was also up 5 percent sequentially.
State Street also secured new asset servicing mandates in Q3 2016 worth $212 billion.
The bank now boasts $29 trillion in assets under custody and administration and $2 trillion in assets under management.
Securities finance revenue, meanwhile, reached $136 million in Q3 2016, up from $113 million in 2015.
The bank put the improved figures down to “increased revenue from enhanced custody and agency lending”.
State Street’s securities finance revenue for Q3 2016 was down sequentially by 12.8 percent, when it earned $156 million due to what the bank described as “quarter seasonality”.
This point is reinforced by State Street’s 2015 data, which shows that Q2 figures outperformed all others for the year.
Joseph Hooley, chair and CEO of State Street, said: “Our third-quarter 2016 results reflect continued momentum in fee revenue and our ongoing commitment to expense management.”
“Consistent with the breadth and depth of our client relationships, our new business results remain strong with $1.2 trillion in new asset servicing commitments year-to-date, including $212 billion in the third quarter.”
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