Bank of New York Mellon has reported a net income applicable to common shareholders of $835m, a decline of 16% compared with $991m a year ago.

The diluted earnings per common share was $1.03 against $1.13 in the year-ago quarter.

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The bank’s total revenue rose by 7% to $4.3bn in Q2, reflecting a 4% rise in the fee revenue and a 28% increase in the net interest revenue.

Noninterest expenses climbed 12%, including a 4% increase due to higher litigation reserves. The bank attributed the remainder of the increase to higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses.

Provision for credit losses was $47m against a benefit of $86m in the year-ago quarter, primarily reflecting changes in the macroeconomic forecast.

For the quarter ended on 30 June 2022, BNY Mellon’s assets under custody and/or administration (AUC/A) plummeted 4% to $43.0trn due to lower market values and the unfavourable impact of a stronger US dollar. This was partially offset by client inflows and net new business.

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Assets under management (AUM) declined by 17% to $1.9trn during the quarter.

BNY Mellon CEO Todd Gibbons said: “Our second quarter results once again demonstrated the strength and resilience of our business model, and we are pleased that our Board of Directors approved an increase of the quarterly cash dividend on our common shares by 9% to $0.37 per share.”

BNY Mellon president and CEO-elect Robin Vince added: “Our results reflect the benefit of higher interest rates, the strength of our diversified platform, and our exceptional client franchise. We continued to see good sales momentum across most of our businesses, and healthy client volumes tempered the impact of lower market values.”

In the previous quarter, BNY Mellon recorded a 18% decline in net income applicable to common shareholders.