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January 17, 2020

BNY Mellon net income soars in Q4 2019

The Bank of New York Mellon (BNY Mellon) has reported net income applicable to common shareholders of $1.39bn for Q4 2019.

This is a 67% surge from the previous year’s income of $832m.

The firm’s total revenue for the three-month period ended 31 December 2019 was $4.78bn, a 19% rise from $4.01bn in the corresponding quarter of 2018. The rise was said to be primarily due to the gain from the sale of an equity investment.

BNY Mellon interim CEO Todd Gibbons said: “In 2019, we continued to build the foundation for growth and the fourth quarter showed progress toward this goal.”

BNY Mellon assets in Q4 2019

Assets under management at BNY Mellon totalled $1.9trn at the end of December 2019, up 11% from the previous year. The growth was attributed to higher market values and a weaker US dollar.

Assets under custody and/or administration of $37.1trn were 12% higher than the previous year. This was said to be driven by higher market values and client inflows.

Asset servicing fees rose 2% to $1.15bn from $1.12bn while issuer services fees dropped 8% to $264m from $286m.

Investment management and performance fees remained stable at $883m.

Gibbons added: “Expenses continued to be well managed as our investments to drive operating efficiencies are bearing fruit. Although we increased our technology spend by nearly 10 percent for the year, overall expenses were down.

“Additionally, we continue to deliver strong capital returns to shareholders, returning $4.4 billion in 2019 through share buybacks and dividends. In 2020, we plan to continue investing in technology to further enhance service quality, launch new capabilities, drive additional efficiencies and improve resiliency.”

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