State Street Reports Strong Q1 Performance Despite Challenges

Despite a special FDIC assessment, State Street's Q1 earnings exceeded expectations with significant growth in fee and net-interest income.

State Street's Q1 net income reached $463 million, surpassing forecasts despite a $130 million FDIC special assessment.
Shares rose nearly 3% as the bank reported higher-than-expected fee and net-interest income, boosting investor confidence.
Assets under custody and management hit record highs, reaching $43.9 trillion and $4.3 trillion respectively.
Fee income rose across multiple sectors, with management fees up 12% and servicing fees increasing slightly.
The bank adjusted its forecast for net interest income decline from 10% to 5%, reflecting better-than-expected performance.