BNY Mellon has posted total revenue of $4bn for the fourth quarter of 2021, up 4% compared to $3.8bn recorded in the same period a year ago.
The investment bank noted that fee revenue increased by 4% on a year-on-year basis due to the positive impact of higher market values and client volumes.
However, net interest revenue dropped marginally. The fall was attributed to lower interest rates and the impact of hedging activities.
Net income in Q4 2021 totalled $869m, a 15% jump compared to $755m in Q4 2020.
BNY Mellon’s assets under custody and/or administration (AUC/A) and assets under management (AUM) increased 14% and 10% to $46.7trn and $2.4trn respectively.
The bank’s Investment and Wealth Management division posted income before taxes of $278m in the fourth quarter of 2021. The figure represents a 11% fall on a year-on-year basis.
The division’s quarterly revenue fell 3% to $1.02bn.
However, the wealth management business recorded a 13% jump in revenues from $276m in Q4 2020 to $311m Q4 2021.
BNY Mellon CEO Todd Gibbons said: “2021 was in many regards a remarkable year for BNY Mellon. We made significant progress towards advancing our strategic priorities and growth agenda, and we delivered solid and improved financial results.
“Three broad themes really stood out: Our outstanding sales performance and improved broad-based organic growth, the number of innovative products and solutions that we’re bringing to the market across our businesses, and our enhanced effectiveness in delivering the full breadth of Securities Services, Market and Wealth Services, and Investment and Wealth Management with better, more holistic solutions for our clients.”
Last month, BNY Mellon expanded its alliance with SNB Capital to develop transformative data management solutions in Saudi Arabia.