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State Street 1Q profit falls 6.6% on interest rates

By Bloomberg News

 |   

  April 17, 2012

State Street Corp., the third- largest custody bank, said first-quarter net income on an operating basis fell 6.6 percent as interest rates near record lows eroded income. Profit decreased to $410 million, or 84 cents a share, from $439 million, or 88 cents, a year earlier, the Boston-based company said today in statement. Excluding certain items, 22 analysts surveyed by Bloomberg estimated earnings of 87 cents a share on average.

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