Bank of New York Mellon 3Q adj. profit tops Street
Bank of New York Mellon 3Q adjusted profit, revenue beat analysts' expectations
NEW YORK (AP) -- NEWS: Bank of New York Mellon's third-quarter profit climbed 34 percent on improving market conditions and strong growth in its investment management and service businesses.
Adjusted results and revenue topped Wall Street's view.
DETAILS: Investment service fees rose 4 percent to $1.7 billion, mostly due to higher clearing services fees. Investment management and performance fees increased 5 percent to $821 million primarily because of new business and higher equity market values.
Assets under management rose 13 percent to $1.53 trillion due to new business and higher market values.
BNY Mellon is a trust bank, acting as a custodian and providing financial services like investment management for institutions, companies and wealthy individuals.
NUMBERS: Net income after preferred dividends climbed to $967 million, or 82 cents per share, from $720 million, or 61 cents per share, in the prior-year period. Stripping out a benefit related to a judge's partial reconsideration of a tax decision disallowing certain foreign tax credits, earnings were 60 cents per share.
Revenue increased 2 percent to $3.77 billion from $3.68 billion.
Analysts polled by FactSet expected earnings of 58 cents per share on revenue of $3.75 billion.
STOCK: Bank of New York Mellon Corp. closed at $30.85 Tuesday.
