Bank of New York Mellon's Revenue, Earnings Fall, Miss Analysts' Estimates

   By Allison Prang

Earnings at Bank of New York Mellon Corp. (BK) decreased in the company's first quarter as interest costs more than doubled and fee revenue also slipped.

The company reported $946 million in net income, down 19% from the comparable quarter a year prior. Earnings were 94 cents a share, down from $1.10 a share. Analysts polled by Refinitiv were expecting 96 cents a share.

Total revenue fell 6.7% to $3.9 billion. Analysts were expecting $4 billion in revenue.

"The year-over-year declines in revenue and earnings per share were primarily driven by the changing mix and cost of our deposits and the impact of the prior year asset management outflows," Chief Executive Charlie Scharf said in prepared remarks.

Mr. Scharf added that "the impact of divestitures, asset gains and the particularly strong markets and deposit balances in last year's first quarter also made the year-over-year comparison more difficult."

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 17, 2019 06:59 ET (10:59 GMT)

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