(Bloomberg) -- State Street Corp., the third- largest custody bank, said second-quarter profit climbed 16 percent as rising global equity markets lifted the value of the assets it oversees.

Net income on an operating basis increased to $571 million, or $1.24 a share, from $494 million, or $1.01, a year earlier, the Boston-based company said today in a statement. Excluding certain items, 22 analysts surveyed by Bloomberg expected earnings of $1.18 cents a share on average.

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