Revenue for the period rose 9% to $3.64bn, compared with $3.35bn in the first quarter of 2010.
Total fee and other revenue for the quarter grew to $2.84bn from $2.53bn in the same quarter last year. Total fee revenue was $2.83bn, up 12% from the prior year.
In the first quarter of 2011, investment services fees grew 27% to $1.7bn and Investment management and performance fees were $764m, up 11% from last year.
Meanwhile, Foreign exchange and other trading revenue decreased to $198m from $262m a year ago. Net interest revenue declined to $698m from $765m a year earlier.
Revenue generated outside the US rose to 37% in the quarter from 35% a year ago.
There was no provision for credit losses in the first quarter of 2011, compared with a charge of $35m in the first quarter of 2010 and a credit of $22m in the fourth quarter of 2010.
Assets under custody and administration rose 14% to $25.5 trillion, helping offset earnings from money funds and fixed-income investments that have been hurt by interest rates near zero.
Tier 1 capital ratio, or the ratio of the bank’s core equity capital to its total risk-weighted assets, improved to 14% from 13.3% in the previous year.
