NEW YORK (AP) -- The Bank of New York Mellon's net income rose 78 percent in the second quarter as market conditions improved and the company collected more fees for managing investments.
The bank said Wednesday that its net income, after paying preferred dividends, rose to $833 million, or 71 cents per share, in the three months through June. That compares with income of $466 million, or 39 cents per share, in the same period a year earlier. Results got a $109 million boost from an investment gain.
Revenue rose 11 percent to $4 billion from last year's $3.6 billion.
Analysts polled by FactSet had predicted earnings of 59 cents per share on revenue of $3.69 billion.
The bank's stock rose $1.01, or 3.3 percent, to $31.36 in late morning trading. Shares have gained about 22 percent this year.
BNY Mellon is a trust bank, acting as a custodian and providing financial services like investment management for institutions, corporations and wealthy individuals.
The lender is the latest bank to report a surge in second-quarter earnings. Bank of America said today that its earnings jumped 70 percent. Goldman Sachs said Tuesday that its profit doubled and Citigroup reported strong earnings on Monday.
BNY Mellon's assets under management rose by 10 percent to $1.4 trillion, driven mainly by higher stock values and some new business. The Standard & Poor's 500 index rose 2.4 percent in the second quarter.
Its investment service fees rose by 4 percent to $1.7 billion.
"Our solid revenue growth is a reflection of better market conditions in the quarter," said BNY Mellon's CEO, Gerald Hassell, in a statement.
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