Bank of New York Mellon Logs Higher 3Q Profit, Sales

Dow Jones10-15 18:31

Bank of New York Mellon logged higher profit and revenue in the third quarter, citing a constructive but uneven operating environment.

BNY posted net income applicable to shareholders of $1.61 billion, or $2.34 a share, up from $1.34 billion, or $1.88 a share, in the same quarter a year earlier.

Stripping out one-time items, adjusted earnings were $2.37 a share. Analysts polled by FactSet had been expecting $2.27 a share.

Total revenue rose 12% to $5.68 billion, ahead of analysts' estimates for $5.55 billion.

Net interest income rose 15% to $1.42 million, thanks in part to the reinvestment of securities at higher yields. Fee revenue was up 12% at $4.08 billion, primarily reflecting new business, higher client activity and higher market values.

Higher revenue-related expenses drove BNY's noninterest expense up 8%.

The current operating environment is constructive but uneven, Chief Executive Robin Vince said. Client demand grew in the quarter, while sales and pipelines remained healthy across products and customer segments.

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