- Bank Of New York Mellon Corp.
- 11 October 2024 16:22:29
Source: Sharecast
The bank said it benefitted from higher investment services fees, driven by a rise in global asset values and new client acquisitions.
Total fee revenue increased 5% year-on-year to $3.4bn, while net interest income rose 3%, defying analysts' expectations of a decline.
BNY Mellon's adjusted earnings per share stood at $1.52, exceeding Wall Street’s forecast of $1.42.
The bank’s investment services unit, which manages safekeeping and trade settlements, saw a 5% revenue increase, while foreign exchange income surged 14%.
BNY Mellon’s issuer services division also reported a modest 1% gain.
Chief executive officer Robin Vince highlighted that the economic resilience and improving market conditions, along with anticipation of interest rate cuts, supported continued investment activities.
BNY Mellon’s expenses remained flat at $3.1bn, as the bank focussed on cost efficiency and transitioning to a platform-based operating model.
Vince noted the progress towards achieving medium-term financial goals, while also pointing to BNY’s growing involvement in digital asset custody, which could expand beyond traditional cryptocurrencies.
At 1050 EDT (1550 BST), shares in the Bank of New York Mellon Corporation were up 1.54% at $75.60.
Reporting by Josh White for Sharecast.com.