State Street third-quarter profit rises 20 percent on Lehman benefit


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

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.

Continue Reading Below

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. (Reporting by Tim McLaughlin; Editing by Jeffrey Benkoe)