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.

“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."