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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DuPont de Nemours Inc | NYSE:DD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.08 | -0.10% | 77.67 | 78.38 | 77.14 | 78.38 | 2,391,433 | 01:00:00 |
By Chelsey Dulaney
Bank of New York Mellon Corp. posted better-than-expected profit in its first quarter, though a key measure of lending profitability edged down.
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.
BNY Mellon said its net interest margin, a key 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.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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