State Street profit beats estimates as fee income, assets under management rise

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State Street profit beats estimates as fee income, assets under management rise
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SaltWire's Atlantic regional weather forecast for October 18, 2023 | SaltWire - State Street beat analysts' estimates for third-quarter profit on Wednesday, helped by a rise in fee income and assets under management at the custodian bank.

Peer Bank of New York Mellon Corp also surpassed estimates for quarterly profit on Tuesday benefiting from higher income from loans. The bank's assets under custody or administration rose 12% to $40.0 trillion, primarily reflecting higher market values of holdings and increased client inflows, while investment assets under management rose 13% from last year.Adjusted profit came in at $1.93 per share for the three months ended in Sept. 30, beating analysts' average estimate of $1.81 per share, according to LSEG data.

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