State Street’s securities finance business registered a 12.4% rise in revenue in the fourth quarter of 2015, offsetting a weaker performance for the group as a whole.

Reporting its quarterly numbers, the global financial services firm said revenue from its securities finance division totalled $127m in the final three months of the year.

That represents a 12.4% monthly uptick and 19.7% year-on-year rise. The improvement was attributed to new business from the company’s enhanced custody offering, which includes securities lending services.

Overall, the New York-based bank’s total revenue declined 4.8% to $2.59bn. Analysts had predicted $2.64bn, according to Thomson Reuters.

Chief executive Joseph Hooley said the performance during the fourth quarter reflected “challenging global equity markets, particularly in emerging markets”.

Assets under custody and administration slipped 2.4% to $27.51trn and assets under management dropped 8.3% to $2.25trn.