Bank of New York Mellon -- Earnings Review
July 19 2018 - 7:20AM
Dow Jones News
By Kimberly Chin
Bank of New York Mellon Corp. (BK) reported its second-quarter
earnings Thursday. Here's what you need to know:
EARNINGS: The bank reported net income of $1.1 billion, or
earnings of $1.03 a share, up 14% from the same period last year.
That was slightly more than the $1 billion in net income, or $1.02
a share, analysts polled by Thomson Reuters expected.
REVENUE: Revenue increased 5% to $4.1 billion, helped by higher
interest rates and stronger markets. This was in line with
analysts' expectations. Fee revenue increased 3% and net interest
revenue increased 11%, driven by underlying growth in some of its
franchises.
EXPENSES: Noninterest expense increased 3% to $2.7 billion due
to a weaker U.S. dollar, higher real-estate consolidation expenses
and technology investments.
ASSETS UNDER CUSTODY AND MANAGEMENT: Assets under custody and
administration increased 8% to $33.6 trillion, while assets under
management increased 2% to $1.8 trillion. This was slightly weaker
due to the divestiture of CenterSquare Investment Management
earlier in the year.
ASSET-SERVICING REVENUE: Much of the custodial bank's revenue is
derived from managing the money of big banks, asset managers and
the investments of clients. Its asset-servicing revenue was up 10%
to $1.5 billion, much of that from Pershing LLC, a subsidiary of
the bank. Revenue from Pershing was $558 million.
DIVIDENDS: The bank authorized a quarterly common stock dividend
of 28 cents a share.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 19, 2018 07:05 ET (11:05 GMT)
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