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State Street reports higher quarterly earnings

A sign marks the headquarters of State Street Bank in Boston
A sign marks the headquarters of State Street Bank in Boston

BOSTON (Reuters) - State Street Corp , the world's third-largest institutional investor, reported on Tuesday stronger second quarter earnings as increased demand for its record keeping and investment services boosted revenue.

Net income rose to $513 million, or $1.00 a share, from $432 million, or 87 cents a share a year earlier.

Analysts had expected 96 cents a share according to Thomson Reuters I/B/E/S -- matching the operating earnings that State Street reported.

The Boston-based company reported a 19.6 percent gain in assets under custody to $22.7 trillion and a 15 percent gain in assets under management to $2.1 trillion, as clients brought in hundreds of billions in new business which helped offset the quarter's lackluster financial market conditions and low interest rates which have weighed on State Street and other so-called trust banks.

(Reporting by Svea Herbst-Bayliss, editing by Gerald E. McCormick)