State Street said its first-quarter net income fell to $549m, or $1.52 a share, from $604m, or $1.57 a share, in the year-ago quarter

State Street’s stock fell 6% in premarket trades after the Boston-based financial giant missed consensus estimates for first-quarter profit and revenue on lower fee revenue, amid turmoil in the banking sector.

State Street also booked a $29m provision for credit losses for its $1bn backstop contribution for First Republic Bank FRC, as part of a $30bn deposit by the US’s largest banks during the quarter. The move impacted its first-quarter earnings by 6 cents a share.

State Street misses profit estimates on lower fee revenue

State Street misses profit target on lower fee revenue

Steve Gelsi

FactSet

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