The Bank of New York Mellon Corporation (BNY Mellon) has reported second quarter net income applicable to common shareholders of US$554 million, down 33% compared with US$831 million a year ago.
Excluding the after-tax impact of the previously disclosed charges related to investment management funds and severance of US$161 million, net income applicable to common shareholders totaled US$715 million in the second quarter of 2014.
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The group’s assets under custody and/or administration (AUC/A) amounted to US$28.5 trillion at 30 June 2014, an increase of 9% compared with the prior year and 2% sequentially.
Assets under management (AUM) amounted to a record US$1.64 trillion at 30 June 2014, an increase of 15% compared with the prior year and 1% sequentially.
Investment services fees totaled US$1.7 billion, a decrease of 1% year-over-year and an increase of 1% sequentially.
Gerald Hassell, chairman and CEO of BNY Mellon, said; "Our commitment to aggressive expense control is paying off as operating expenses declined both sequentially and year over year. Consistent with our culture of continuous productivity improvement, we recently announced further streamlining actions that are expected to benefit our expense run rate beginning in the second half of the year.
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By GlobalData"Our Asset Servicing, Clearing and Investment Management fees grew nicely as we remained sharply focused on our clients’ investment needs. Our clients continue to rate us highly in terms of new service offerings and the quality of our capabilities," Hassell added.
