State Street Corporation (NYSE:STT) shares gained nearly 2% Wednesday afternoon after the company’s third-quarter earnings beat Street expectations.
The financial services firm posted adjusted earnings of $1.93 per share, up 6% year-over-year and above the Zacks Consensus Estimate of $1.77.
Revenue declined more than 9% year-over-year to $2.69 billion, short of the Zacks estimate of $2.92 billion.
The earnings boost can be attributed in part to an increase in fee revenues. However, lower net interest revenues (NIR) and increased expenses were a drag overall.
Specifically, NIR fell 5.5% to $624 million, pulled down by lower average deposit balances.
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