State Street’s (NYSE:STT) shares dropped more than 9% on Monday after the bank missed Q1 Street estimates. The company posted earnings per share (EPS) of $1.52 on revenue of $3.1 billion, which fell below the Street estimate of $1.65 per share on sales of $3.13 billion.
The report also showed a year-over-year decline of 9.2% in fee revenue. The Q1 results were impacted by a $1 billion liquidity injection into the U.S. financial system, which had a $0.06 per share impact on earnings. The bank reported $26 billion in net outflows and net interest income (NII) of $766 million, below the Street estimates.