State Street securities finance Q1 revenue up on 2020
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State Street securities finance Q1 revenue up on 2020 21 April 2021US Reporter: Alex Pugh
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State Street鈥檚 securities finance like-for-like revenues in Q1 rose 8 per cent.
The bank reported Q1 revenue of $99 million in the opening months of the year, compared to Q1 2020鈥檚 $91 million.
Earnings also increased sequentially by 13 per cent from Q4 2020鈥檚 $88 million.
The latest earnings haul was greater than any quarter posted throughout 2020 and marks the first quarter where the bank broke the $90 million mark since Q2 last year, a threshold it had never failed to meet in any quarter since at least 2015.
Q1鈥檚 securities finance revenues were primarily driven by higher agency lending and Enhanced Custody balances, State Street says.
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