The Bank of New York Mellon (BNY Mellon) has reported net income applicable to common shareholders of $822m for the fourth quarter of 2016, up 29% compared to $637m in the corresponding quarter of 2015.

Total revenue was $3.8bn, a 2% rise on both a GAAP and adjusted basis.

Noninterest expense dropped 2% to $2.6bn on both a GAAP and adjusted basis. The company attributed the decline to lower staff expense driven by the favorable impact of a stronger US dollar, lower employee benefits and severance expense.

The company’s assets under management at the end of the quarter were $1.65 trillion, a rise of 1%. Assets under custody and/or administration increased 3% to $29.9 trillion.

The group's asset servicing fees increased 3% year-on-year to $1.1bn, while issuer services fees rose 6% to $211m from a year ago. Investment management and performance fees dropped 2% to $848m compared to the prior year.

BNY Mellon chairman and CEO Gerald Hassell said: "We delivered strong fourth-quarter results, capping another year of solid execution against our three-year strategic plan. For full-year 2016, our earnings per share increased significantly as we delivered a strong return on capital.

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“In the fourth quarter, we also generated substantial positive operating leverage, as the Investment Services business performed well and our business improvement process helped reduce structural costs."