The Bank of New York Mellon (BNY Mellon) has reported net income applicable to common shareholders of $926m for the second quarter of 2017, an increase of 12% compared to $825m in the year ago quarter.
The group’s quarterly total revenue stood at $4bn, a 5% rise on both a GAAP and adjusted basis.
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Noninterest expense was up 1% year-on-year to $2.7bn, driven by higher professional, legal and other purchased services, software and litigation expenses.
The group’s assets under management totalled $1.77 trillion as at 30 June 2017, an increase of 6% over the previous year. Assets under custody and/or administration increased 5% to $31.1 trillion.
Asset servicing fees rose 1% to $1.08bn and issuer services fees increased 3% to $241m compared to the previous year. Investment management and performance fees were up 6% year-over-year to $879m.
BNY Mellon chairman Gerald Hassell said: “During the second quarter, healthy revenue growth in both our investment management and investment services businesses and the more favorable rate environment helped us maintain double-digit earnings per share growth and drive substantial positive operating leverage on a year-over-year basis.
“We and our clients are just beginning to capitalize on the benefits of our strategy and investments in growth.”
