State Street Corporation (NYSE:STT) released its earnings report for the three months ended June 30 this morning before the bell rang on Wall Street. The company showed earnings of $1.24 cents per share for the quarter on revenue totalling $2.56 billion. Stock in State Street Corporation (NYSE:STT) closed on Thursday’s market trading for $70.10 per share.

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In the same three months of 2012 the financial institution earned $1.01 per share on revenue of $2.4 billion. Analysts following the investor were looking for quarterly earnings per share of $1.18 on revenue of $2.54 billion from this report.

World beating performance by State Street

State Street Corporation (NYSE:STT) has been one of the best performing financial institutions so far in 2013, adding almost 50 percent to its value from January 1 through close on Thursday. The company’s stock is sitting right at its 52 week high as the market heads for open this morning, depending on how traders take the finer points of this earnings report the company’s stock may be able to edge that number higher.

State Street Corporation (NYSE:STT) is one of the financial institutions still languishing below the stock price it held before the financial crisis. If the company can beat that price, just under $84 per share, in the next few sessions it will have equaled the feat recently achieved by the S&P 500. That would be an incredible milestone for the company, and the ceiling may have been broken by the performance of the wider index.

Evolution and thinking small

State Street Corporation (NYSE:STT) has reflected trends seen across the entire American financial industry by cutting its costs and getting into ETFs. Both moves are seen as a boon to the company’s earnings numbers, though it’s difficult to say what the eventual effect of ETFs might be.

Modern banking institutions are cutting staff all over in order to boost margins; replacing those staff with computer models among other technologies. Meanwhile banks like State Street Corporation (NYSE:STT) are becoming more and more invested in ETFs and other alternative asset offerings.

Those offerings are popular, but it is difficult to see how profitable they will be for State Street in the medium to long run. State Street executives are set to hold a conference call to discuss this earnings report at 9:30 am EST.