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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.60 | 0 | 01:00:00 |
By Chelsey Dulaney
Bank of New York Mellon Corp. posted better-than-expected profit in its first quarter, boosted by higher revenues and lower expenses.
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. The 2007 purchase of Mellon Financial Corp. didn't produce the benefits shareholders had expected.
In the latest quarter, BNY Mellon posted a profit of $779 million, up from $674 million in the prior-year period. On a per-share basis, which excludes preferred dividends, earnings rose to 67 cents from 57 cents a year ago.
Revenue grew 5.6% to $3.85 billion.
Analysts had projected 59 cents a share in earnings and $3.75 billion in revenue, according to Thomson Reuters.
Fee and other revenue grew 4.1% to $3 billion, amid a 68% surge in foreign exchange and other trading revenue.
Investment services fees grew 3%, while financing-related fees were up 5% from a year earlier.
BNY Mellon said its net interest margin, a measure of lending profitability, edged down to 0.97% from 1.05% in the same period a year ago.
Noninterest expense was down 1% from a year earlier to $2.7 billion, amid lower distribution and servicing expenses, business development costs and amortization charges.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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