English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
日本語
By Ben Glickman
Bank of New York Mellon’s profit topped forecasts in the recently completed quarter as interest revenue surged and the bank worked to lower expenses.
The bank reported a profit of $1.031 billion, or $1.30 a share, in the quarter ended June 30, compared with $835, or $1.03 a share, in the same period a year earlier. Analysts polled by FactSet had expected per-share earnings of $1.22.
Total revenue rose 5% to $4.5 billion, beating the $4.371 billion forecast by analysts. Sharp increases in revenue from net interest more than offset slight declines in proceeds from fees.
Net interest revenue rose 33% to $1.1 billion in the quarter, while fee revenue declined 2% to $3.257 billion.
Assets under management fell 2% compared with a year earlier, driven by lower market values for assets and the divestiture of Alcentra.
The bank provisioned $5 million for credit losses, anticipating a downturn in the broader economy and increasing reserves related to commercial real estate.
Write to Ben Glickman at [email protected]
Read the full article here
