Earnings Review and Free Research Report: Bank of New York Mellon’s EPS Increased 4.4%; Beat Expectations
Research Desk Line-up: State Street Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 26, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Bank of New York Mellon Corp. (NYSE: BK), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BK, following the Company's posting of its financial results on October 18, 2017, for the third quarter fiscal 2017. The Bank's total revenues increased 1.9% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended September 30, 2017, BNY Mellon's total revenues increased 1.9% to $4.02 billion from $3.94 billion in Q3 FY16. During Q3 FY17, BNY Mellon's adjusted total revenue increased 2.06% to $4.01 billion from $3.93 billion in the same period last year. Total revenue surpassed analysts' expectations of $3.99 billion.
During Q3 FY17, BNY Mellon's interest revenue increased 31.6% to $1.15 billion from $874 million in the same period last year. For the reported quarter, the Company's interest expense increased 212% to $312 million from $100 million in Q3 FY16. For the reported quarter, the Company's net interest revenue increased 8.3% to $839 million from $774 million in Q3 FY16. For the reported quarter, the Company's net interest margin was 1.15% compared to 1.05% in Q3 FY16.
For the reported quarter, the Company's staff expenses were $1.47 billion, at par with $1.47 billion in Q3 FY16. For the reported quarter, the Company's software & equipment expenses increased 8.3% to $233 million from $215 million in Q3 FY16. During Q3 FY17, BNY Mellon's amortization expenses decreased 14.7% to $52 million from $61 million in Q3 FY16. During Q3 FY17, BNY Mellon's total non-interest expenses increased 0.42% to $2.65 billion from $2.64 billion in the same period last year. During Q3 FY17, BNY Mellon's adjusted total non-interest expenses increased 1.25% to $2.60 billion from $2.56 billion in the same period last year.
During Q3 FY17, BNY Mellon's net income increased 0.9% to $983 million on a y-o-y basis from $974 million in the same period last year. For the reported quarter, the Company's diluted EPS increased 4.4% to $0.94 on a y-o-y basis from $0.90 in the same period last year. Diluted EPS surpassed analysts' expectations of $0.93.
Balance Sheet
As on September 30, 2017, BNY Mellon's cash and due from banks increased 15.2% to $5.56 billion from $4.82 billion on December 31, 2016.
During Q3 FY17, the Company's total securities increased 4.6% to $120.05 billion from $114.73 billion in Q4 FY16.
During Q3 FY17, the Company's net loans decreased 8.3% to $58.91 billion from $64.29 billion in the fourth quarter of 2016.
For the reported quarter, the Company's total assets increased 6.2% to $354.40 billion from $333.47 billion in Q4 FY16. As on September 30, 2017, BNY Mellon's total deposits increased 4.2% to $231.00 billion from $221.49 billion in Q4 FY16.
For the reported quarter, BNY Mellon's long-term debt increased 16.1% to $28.41 billion from $24.46 billion in Q4 FY16.
During Q3 FY17, the Company's total non-performing assets decreased 12.1% to $94 million from $107 million in the fourth quarter of 2016.
As on September 30, 2017, the Company's allowance for credit losses decreased 3.2% to $265 million from $274 million in Q3 FY16.
As on September 30, 2017, BNY Mellon's assets under management (AUM) increased 6% to $1.82 trillion from $1.72 trillion in Q3 FY16.
For the reported quarter, BNY Mellon's book value per share was $36.11 compared to $34.19 in Q3 FY16. During Q3 FY17, BNY Mellon's tangible book value per share was $18.19 compared to $16.67 in the same period last year.
During Q3 FY17, BNY Mellon repurchased 12 million shares for $650 million. On October 19, 2017, the Company's Board of Directors declared a quarterly common stock dividend of $0.24 per share, payable on November 09, 2017, to shareholders of record as of the close of business on October 31, 2017.
Stock Performance
On Wednesday, October 25, 2017, the stock closed the trading session at $51.75, dropping 2.14% from its previous closing price of $52.88. A total volume of 8.13 million shares have exchanged hands, which was higher than the 3-month average volume of 3.70 million shares. Bank of New York Mellon's stock price surged 9.59% in the past six months and 19.24% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.22%. The stock is trading at a PE ratio of 15.20 and has a dividend yield of 1.86%. The stock currently has a market cap of $53.19 billion.
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