Bank of New York Mellon's Revenue, Earnings Fall
July 17 2019 - 07:30AM
Dow Jones News
By Chris Wack
Earnings at Bank of New York Mellon Corp. (BK) decreased in the
company's second quarter as fee revenue slipped 3% from the same
period a year ago.
The company reported $1.02 billion in net income, down 8% from
the comparable quarter a year prior. Earnings were $1.01 a share,
down from $1.03 a share. Analysts polled by FactSet were expecting
$1.01 a share.
Total revenue fell 5% to $3.9 billion. Analysts were expecting
$3.924 billion in revenue.
"The impact of the level and shape of the yield curve, as well
as continued low levels of volatility and muted market activity,
negatively impacted our results," Chief Executive Charlie Scharf
said in prepared remarks. ""Our results this quarter also reflect
our ongoing increased level of technology and product development
investments, but these increases were more than offset by improved
efficiency across the company."
Mr. Scharf added that, "We are pleased that we will be able to
return capital to shareholders through up to $3.94 billion in
common share repurchases by mid-2020, an increase of roughly 20%,
and an increase in our common dividend by 11% to 31 cents per share
starting in the third quarter."
Net interest revenue for the quarter fell 12%, while the
company's total noninterest expenses were $2.65 billion, down 4%
from last year.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 17, 2019 07:15 ET (11:15 GMT)
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