State Street Profit Up 20% in 3Q


State Street Corp, the No. 2 global custody bank, said Tuesday that third-quarter net income rose 20% on a benefit from claims associated with the 2008 Lehman Brothers bankruptcy.

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Boston-based State Street's net income rose to $654 million, or $1.36 a share, from $543 million, or $1.10 a share, in the year-ago quarter.

On an operating basis, State Street earned 99 cents a share.

Analysts, on average, expected 96 cents a share, according to Thomson Reuters I/B/E/S.