State Street Corp. said that its third-quarter profits nearly doubled from a year earlier, to $278 million, or 83 cents a share, as servicing and management fee revenue continued to increase.
The results included a gain of 3 cents a share in trading services revenue from tax-exempt investment programs.
State Street's profits increased 22% from the second quarter. The average estimate of analysts surveyed by Thomson First Call had called for earnings of 79 cents a share.
Revenue increased 9% from a year earlier, to $1.52 billion, as servicing fees increased 10%, to $685 million.
Assets under management rose 16%, to $1.6 trillion.
Ronald E. Logue, State Street's chairman and chief executive officer, said during a conference call that his firm will post full-year earnings that "moderately exceed" the high end of its guidance of $3.10 to $3.24 a share. The average full-year estimate of analysts is $3.39.