The Bank of New York Mellon (BNY Mellon) has posted net income applicable to common shareholders of $983m for the third quarter of 2017, a 0.9% rise from $974m in the same quarter a year ago.

The group’s quarterly total revenue was $4bn, up 2% from the previous year both on a GAAP and adjusted basis.

Noninterest expense stood at $2.65bn, a 0.4% rise compared to the previous year, driven by higher software and professional, legal and other purchased services expenses.

The group’s assets under management totalled $1.82 trillion at the end of September 2017, a 6% rise compared to the last year. The company attributed the rise to higher market values, net inflows and the favourable impact of a weaker US dollar. Assets under custody and/or administration increased 6% year-on-year to $32.2 trillion.

Asset servicing fees rose 4% to $1.1bn and issuer services fees dropped 15% to $288m compared to the last year. Investment management and performance fees were $901m, up 5% from $860m in the previous year.

BNY Mellon CEO Charles Scharf said: “Our third quarter performance was consistent with our expectation and some areas showed reasonable growth, such as asset servicing, clearing services and investment management.  Other areas underperformed, such as depositary receipts, which also reduced foreign exchange trading revenue.”