State Street's earnings rise

Globe Staff

State Street Corp., a Boston company that provides financial services to large investors, said first-quarter earnings rose 11 percent as recovering markets boosted the assets it safeguards and invests for customers, Bloomberg News said.

Net income rose to $495 million, or 99 cents a share, from $445 million, or $1.02, a year ago, when there were fewer shares outstanding, State Street said in a press release.

Custody fees rose 15 percent to $880 million as assets under custody increased 24 percent to $14.1 trillion, Bloomberg said.

In afternoon trading, State Street shares were at around $45.06, down $2.19, or 4.63 percent.