With most of the financial majors bearing the brunt of Covid-19, BNY Mellon emerged in a favourable position with income rising in Q1 2020 despite higher credit provision.
The US investment manager reported net income of $944m on revenue of $4.11bn in Q1 2020.
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The figures in the comparable quarter in 2019 are $910m and $3.89bn, respectively.
Fee revenue rose 10% year-on-year to $3.32bn while net interest revenue fell 3% to $814m from $841m.
Noninterest expense increased to $2.71bn from $2.69bn, due to technology investments and higher pension expense.
Provision for credit losses were $169m in Q1 2020, versus $7m in the previous year.
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By GlobalDataHigher client inflows led to a 2% rise in assets under custody and/or administration to $35.2trn.
Assets under management dipped 2% to $1.8trn, mainly due to the unfavorable impact of a stronger U.S. dollar.
BNY Mellon CEO Todd Gibbons said: “Our fee revenue increased 10 percent as we experienced elevated transaction volumes and heightened volatility in March. Looking ahead, we and our clients face continued market and economic uncertainty.
“While it is too early to predict the impact, our business model is financially resilient. We plan to maintain our conservative risk profile, strong capital and high-quality, liquid balance sheet, which will position us to withstand severe stress and to support our clients.”
