BNY Mellon has reported profit of US$833 million for the second quarter of 2013, an increase of 78% from US$466 million in the year ago quarter thanks to an equity investment and improved fee revenue.
The world’s largest custody bank’s revenue rose 11% to US$4 billion from last year’s US$3.6 billion.
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The bank’s combined assets under management (AUM) rose by 10% to US$1.4 trillion, driven mainly by higher stock values and some new business.
Net long-term inflows in the second quarter of 2013 were US$21 billion, down from a record US$40 billion in inflows in the first quarter.
Investment management and performance fees for the asset and wealth unit came to US$848 million for the latest quarter, up 6% from the year before.
Foreign exchange and other trading activity brought in revenues of US$207 million, up 15% on the year.
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By GlobalDataThe bank also made a profit of US$109 million on an equity investment. Its investment service fees rose by 4% to US$1.7 billion.
"Our solid revenue growth is a reflection of better market conditions in the quarter," said BNY Mellon’s CEO, Gerald Hassell.
