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BNY Mellon quarterly results top Wall St estimates on higher services fees
By Jerry
April 16 (Reuters) – Bank of New York Mellon (BK.N), opens new tab beat Wall Street expectations on Tuesday with a 5% increase in profits, as rising asset values boosted investment services fees, more than offsetting lower interest income for the world’s largest custodian bank.
The oldest U.S. bank saw its assets under custody increase as hopes of a soft landing for the economy led to a market rally.
But income from interest on its portfolio of securities, loans and deposits fell. Lower volatility in foreign exchange markets also hurt profits.
“While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us,” CEO Robin Vince said.
Rival State Street (STT.N), opens new tab, which posted results last week, also saw assets under management drive fees, while net interest income declined.
BNY said net income applicable to common shareholders rose to $953 million, or $1.25 per share, in the first quarter, up from $911 million, or $1.13 per share, in the same period last year.
Source: REUTER
