BNY Mellon profit rises 29 percent on lower costs
Reuters
Published Jan 19, 2017 10:51AM ET
Updated Jan 19, 2017 11:02AM ET
BNY Mellon profit rises 29 percent on lower costs
(Reuters) - Bank of New York Mellon (NYSE:BK) Corp said on Thursday fourth-quarter profit increased 29.04 percent as expenses fell and net interest revenue rose.
The world's largest custodian bank's net income attributable to common shareholders rose to $822 million in the three months ended Dec. 31 from $637 million a year ago.
Excluding items, BNY Mellon earned 77 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
Total revenue rose 1.75 percent to $3.79 billion but missed analysts' average estimate of $3.85 billion.
Provision for credit losses fell 95.7 percent to $7 million.
Revenue from interest rose nearly 9.3 percent to $831 million, driven by increase in interest rates and impact of interest rate hedging activities, the bank said.
The bank, which counts big institutional investors as its bread-and-butter clients, said non-interest expenses dropped 2.3 percent to $2.63 billion, helped by lower staff expenses.
Assets under management was $1.65 trillion as of Dec. 31, lower than $1.72 trillion as of Sept. 30.
The custodian bank, whose shares were unchanged in premarket trade, rose 29.21 percent in the last 12 months.
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Written By: Reuters
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