State Street's ahead 26 October 2016Boston Reporter: Drew Nicol
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State Street secured a 20.4 percent boost to its securities finance revenue in Q3 2016.
The bank achieved $136 million in Q3 2016, up from $113 million in 2015. It put the improved figures down to 鈥渋ncreased revenue from enhanced custody and agency lending鈥�.
State Street鈥檚 securities finance revenue for Q3 2016 was down from Q2 2016's $156 million due to what the bank described as 鈥渜uarter seasonality鈥�.
This point is reinforced by State Street鈥檚 2015 data, which shows that Q2 figures outperformed all others for the year.
Revenue from State Street鈥檚 assets under custody also increased by 7 percent from $27.27 billion in Q3 2015 to $29.18 billion in Q3 2016, as well as 5 percent sequentially.
State Street 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.
Joseph Hooley, chair and CEO of State Street, said: 鈥淥ur third-quarter 2016 results reflect continued momentum in fee revenue and our ongoing commitment to expense management.鈥�
鈥淐onsistent 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.鈥�
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