Bank of New York Mellon 1Q Profit, Revenue Fall

By Maitane Sardon

Bank of New York Mellon Corp. on Friday posted a decline in profit and revenue in the first quarter.

The New York City-based company logged a profit of $858 million compared with a profit of $944 in the same three-month period a year earlier. Earnings per share were 97 cents, compared with $1.05 a year ago.

Analysts polled by FactSet had forecast earnings of $1.09 a share.

Revenue was $3.92 billion, down from $4.11 billion in last year's first quarter. Analysts had forecast revenue of $4.82 billion.

BNY Mellon's third-quarter fee revenue was $3.26 billion, up 1% from $3.23 billion in the year-ago period. Excluding money market fee waivers, fee revenue increased 6%.

Net interest revenue dropped to $655 million in the quarter, compared with $814 million in the equivalent quarter last year. The decrease reflected lower interest rates on interest-earnings assets, the bank said.

The bank said its provision for credit losses was negative $83 million, citing "an improvement in the macroeconomic forecast." In last year's first quarter, the bank's provision for credit losses was $169 million.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

April 16, 2021 07:15 ET (11:15 GMT)

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