{"id":13040,"date":"2023-04-17T12:40:57","date_gmt":"2023-04-17T12:40:57","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/state-street-profit-misses\/"},"modified":"2023-04-17T12:44:30","modified_gmt":"2023-04-17T12:44:30","slug":"state-street-profit-misses","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/state-street-profit-misses\/","title":{"rendered":"State Street profit misses on lower fee income; shares fall"},"content":{"rendered":"<p>(Reuters) &#8211;     State Street Corp reported a first-quarter profit on Monday that missed analysts&#8217; estimates, hurt by a fall in fee income due to the recent U.S. banking crisis, sending the company&#8217;s shares down 10% in premarket trading.<\/p>\n<p>The collapse of two regional lenders in the United States last month shook investor confidence, raised liquidity concerns and triggered fears over deposit safety.<\/p>\n<p>State Street, the world&#8217;s largest custodian bank, saw its assets under custody or administration fall 10% to $37.6 trillion in the first quarter.<\/p>\n<p>Cushioning the blow, the bank&#8217;s net interest income rose 50% to $766 million helped by the U.S. Federal Reserve&#8217;s aggressive interest rate hikes.<\/p>\n<p>Along with a number of other large U.S. banks, State Street provided $1 billion of liquidity to First Republic Bank last month.<\/p>\n<p>State Street set aside $44 million as provision for credit losses in the reported quarter as steep rate rises stoke fears of an economic slowdown.<\/p>\n<p>The company reported a profit of $1.52 per share. Analysts had expected State Street to earn $1.64 per share, according to Refinitiv IBES data.<\/p>\n<p>&#8220;We are optimistic about client onboardings and we expect revenue growth in the coming quarter,&#8221; State Street Chief Executive Officer Ron O&#8217;Hanley said.<\/p>\n<p>The company&#8217;s total quarterly revenue rose 1% to $3.1 billion.<\/p>\n<p>The Boston-based lender&#8217;s shares were trading at $71.95 before the bell.<\/p>\n<p \/>\n<p> (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath and Shounak Dasgupta)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/state-street-profit-misses\/file-photo-the-ticker-and-logo-for-state-street-corporation\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3G0DM-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3G0DM-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; State Street Corp reported a first-quarter profit on Monday that missed analysts&#8217; estimates, hurt by a fall in fee income due to the recent U.S. banking crisis, sending the company&#8217;s shares down 10% in premarket trading. The collapse of two regional lenders in the United States last month shook investor confidence, raised liquidity [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":13041,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-13040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3G0DM-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/13040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=13040"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/13040\/revisions"}],"predecessor-version":[{"id":13042,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/13040\/revisions\/13042"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/13041"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=13040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=13040"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=13040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}