Bank of New York Mellon 2Q profit falls on charges

Bank of New York Mellon 2nd-quarter profit declines, hindered by charges, lower revenue

Associated Press

NEW YORK (AP) -- Bank of New York Mellon Corp.'s second-quarter net income dropped 33 percent, hurt by lower revenue and some charges.

Still, its adjusted profit topped analysts' estimates.

The New York-based trust bank said Friday that net income after dividends on preferred stock declined to $554 million, or 48 cents per share, from $831 million, or 71 cents per share, a year ago.

Removing 14 cents per share in charges tied to investment management funds and severance, earnings were 62 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 56 cents.

Revenue fell 7 percent to $3.75 billion from $4.03 billion. Adjusted revenue declined 2 percent to $3.73 billion from $3.8 billion in the same quarter a year earlier. Wall Street forecast $3.74 billion in revenue.

The stock slipped 70 cents to $37.30 in premarket trading.

Bank of New York Mellon shares have climbed $3.06, or 8.8 percent, to $38 since the beginning of the year.

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