We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.5825 | 1.01% | 57.9825 | 57.75 | 57.12 | 57.23 | 2,939,842 | 01:00:00 |
By Chelsey Dulaney
Bank of New York Mellon Corp. on Tuesday reported a 48% jump in profit in its second quarter, as the bank kept expenses in check and logged better-than-expected revenue growth.
BNY Mellon, which acts as an investment manager while safeguarding trillions of dollars for money managers and other clients, has faced pressure in recent months from investors who criticized it as slow to change and in need of a retrenchment.
In May, the company agreed to pay $180 million to settle a foreign exchange-related class-action lawsuit, resolving almost all of its currently pending forex-related actions. The settlement came two months after the trust bank reached a $714 million settlement to resolve allegations it defrauded pension funds and other clients by overcharging them on currency transactions.
The latest quarter included $38 million in litigation and restructuring charges.
For the quarter ended June 30, BNY Mellon posted a profit of $853 million, up from $577 million in the prior-year period. On a per-share basis, which excludes preferred dividends, earnings rose to 73 cents from 48 cents a year ago.
Excluding litigation and restructuring expenses, per-share earnings were 77 cents.
Revenue grew 3.8% to $3.89 billion.
Analysts had projected 66 cents a share in earnings and $3.82 billion in revenue, according to Thomson Reuters.
Fee and other revenue edged up 2.9% to $3.07 billion.
Foreign-exchange revenue was again a boon for the top line, growing 44% from the prior year to $187 million on higher volumes and volatility.
Clearing services revenue grew 6.4% to $347 million, while asset servicing revenue ticked up 3.7% to $1.06 billion.
Assets under management grew to $1.72 trillion, a 5.4% increase from the same period a year ago. The increase was driven in by higher market values and new business, offset by currency impacts.
Noninterest expense fell 7.4% to $2.73 billion, helped by the stronger U.S. dollar and cost cuts.
In a news release, Chief Executive Gerald L. Hassell said costs will likely increase in the short run as the bank brings on new business.
"However, our platforms are designed to be leveraged by a broader client base, creating shared economies of scale that benefit our clients and drive profitable growth for our shareholders."
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for The Bank of New York Mellon Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0640581007
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Bank of New York Mellon Chart |
1 Month Bank of New York Mellon Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions