The Bank of New York Mellon (BNY Mellon) has posted net income applicable to common shareholders of $1.13bn for the first quarter of 2018, a jump of 29% compared to $880m a year ago.

For the quarter ended 31 March 2018, the group’s total revenue increased 9% to $4.18bn from $3.84bn in the corresponding quarter of 2017.

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Noninterest expense rose 4% to $2.74bn from $2.64bn last year, driven by the unfavourable impact of a weaker US dollar, higher staff expense as well as volume-related sub-custodian and clearing expenses.

The group’s assets under management totalled $1.9 trillion at the end of March 2018, up 8% compared to the previous year. The company attributed the rise to the favourable impact of a weaker US dollar, higher market values and net inflows.

Assets under custody and/or administration increased 9% year-on-year to $33.5 trillion.

Compared to the previous year, asset servicing fees increased 10% to $1.17bn while issuer services fees rose 3% to $260m.

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Investment management and performance fees were $960m, up 14% from the previous year.

BNY Mellon chairman and CEO Charles Scharf said: “We delivered strong financial results this quarter, with earnings per common share up 33 percent. Earnings grew by 23 percent, excluding the impact of a lower tax rate and our continued capital return through buybacks, each of which contributed approximately 5 percent.

“Strong equity markets and higher interest rates were important drivers and, while we should remain beneficiaries of strong and growing markets over the long term, we are focussed on continuing to increase our organic revenue growth.”