Q2 seasonality affects State Street’s revenue 28 October 2014Boston Reporter: Mark Dugdale
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State Street’s securities finance revenue took a hit during Q3 2014, but was still up on the same quarter in 2013.
The bank’s Q3 2014 securities finance revenue was 32.7 percent lower than the previous quarter, when it earned $147 million, due to second-quarter seasonality.
The bank earned $99 million in revenue from securities finance during Q3 2014, beating 2013’s Q3 by 33.8 percent.
The bank earned $74 million during Q3 2013. It attributed the $25 million year-over-year increase to higher volumes.
Joseph Hooley, State Street's chairman, president and CEO, said: "Our third-quarter results demonstrated good growth in asset servicing and asset management fees, which together were up 9 percent from the third quarter of 2013, reflecting improved equity markets and new business.”
“Our market-driven revenues also performed well in a traditionally seasonally slow quarter. We won new business commitments of $302 billion of assets to be serviced and had $3 billion of net new assets to be managed during the quarter demonstrating the continued strength of our business."
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