Bank of New York Mellon 3Q Profit Rises, Beats Expectations

By Dave Sebastian

Bank of New York Mellon Corp. said its profit rose for the third quarter as fee and other revenue increased 8%.

The company on Tuesday posted net income of $947 million, compared with $937 million in the same period last year. Earnings were $1.04 a share, compared with 98 cents a share in the prior year. Analysts polled by FactSet were expecting $1.01 a share.

Net interest revenue fell to $641 million from $703 million, reflecting lower interest rates on interest-earning assets and the effect of hedging activities.

Revenue rose 4.9% to $4.04 billion. Analysts polled by FactSet were expecting $3.95 billion.

Fee and other revenue rose to $3.39 billion from $3.14 billion.

Provision for credit losses was a benefit of $45 million, the company said. It posted provision for credit losses of $9 million in the prior-year quarter. The company said it saw an improvement in the macroeconomic forecast.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 19, 2021 07:08 ET (11:08 GMT)

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