Bank of New York Mellon 1Q Profit, Revenue Fall
April 16 2021 - 7:30AM
Dow Jones News
By Maitane Sardon
Bank of New York Mellon Corp. on Friday posted a decline in
profit and revenue in the first quarter.
The New York City-based company logged a profit of $858 million
compared with a profit of $944 in the same three-month period a
year earlier. Earnings per share were 97 cents, compared with $1.05
a year ago.
Analysts polled by FactSet had forecast earnings of $1.09 a
share.
Revenue was $3.92 billion, down from $4.11 billion in last
year's first quarter. Analysts had forecast revenue of $4.82
billion.
BNY Mellon's third-quarter fee revenue was $3.26 billion, up 1%
from $3.23 billion in the year-ago period. Excluding money market
fee waivers, fee revenue increased 6%.
Net interest revenue dropped to $655 million in the quarter,
compared with $814 million in the equivalent quarter last year. The
decrease reflected lower interest rates on interest-earnings
assets, the bank said.
The bank said its provision for credit losses was negative $83
million, citing "an improvement in the macroeconomic forecast." In
last year's first quarter, the bank's provision for credit losses
was $169 million.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
April 16, 2021 07:15 ET (11:15 GMT)
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