The Bank of New York Mellon (BNY Mellon) has reported third quarter net income applicable to common shareholders of $1.07bn, or $0.93 per diluted common share, an increase of nearly 11% compared with $962m, or $0.82 per diluted common share a year ago.
For the quarter ended 30 September 2014, total revenue was $4.6bn, an increase of 22%.
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The group’s asset servicing fees were $1bn, an increase of 6% year-over-year and a slight increase sequentially.
Clearing services fees were $337 million, an increase of 7% year-over-year and 3% sequentially. Both increases were driven by growth in clearing accounts and mutual fund positions, and higher asset levels. The sequential increase also reflects higher DARTS volume, the company said in a statement.
Issuer services fees were $315m, a decrease of 2% year-over-year and an increase of 36% sequentially.
Treasury services fees were $142m in third quarter of 2014 compared with $137m in the year ago quarter.
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By GlobalDataInvestment management and performance fees were $881m, an increase of 7% year-over-year. The company said that year-over-year increase primarily resulted from higher equity markets, the impact of a weaker U.S. dollar and higher performance fees.
Gerald Hassell, chairman and CEO of BNY Mellon said: "We had a strong quarter. We grew Investment Management and Investment Services fees, controlled expenses and executed on our capital plan. During the quarter, we also repositioned the Markets Group, which will improve our operating margin and return on capital. We achieved this despite a challenging environment, demonstrating the resilience of our business model and the exceptional efforts of our employees."
