The Bank of New York Mellon (BNY Mellon) has reported second quarter net income applicable to common shareholders of $830m, or $0.73 per diluted common share, an increase of nearly 50% compared with $554m, or $0.48 per diluted common share a year ago.
For the quarter ended 30 June 2015, total revenues were $3.9bn, an increase of 3.8% year-over-year.
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The bank’s assets under management reached $1.72trn, an increase of 5% from $1.63trn a year ago driven by higher market values, net new business and the Cutwater acquisition.
Assets under custody and/or administration totalled $28.6trn, increased slightly reflecting higher market values and organic growth, partially offset by the unfavorable impact of a stronger U.S. dollar.
The group’s asset servicing fees were $1.1bn, an increase of 4% year-over-year, while clearing services fees were $347 million, an increase of 6% year-over-year.
Issuer services fees were $234m, an increase of 1% year-over-year. Treasury services fees were $144m in second quarter of 2015, an increase of 2% year-over-year.
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By GlobalDataInvestment management and performance fees were $878m, a decrease of 1% year-over-year or increase of 5% on a constant currency basis (Non-GAAP), driven by higher equity market values, the impact of the 1Q15 acquisition of Cutwater Asset Management and strategic initiatives, partially offset by lower performance fees.
BNY Mellon chairman and CEO Gerald Hassell said: "The investments we are making in strategic technology platforms and applications are helping our solutions resonate with clients, contributing to our ability to capture new business including a significant middle-office contract to service more than $770 billion in assets for a prominent investment manager.
"Finally, we returned more than $1 billion to our shareholders in the form of dividends and share repurchases during the quarter while achieving a 22 percent return on tangible common equity – further evidence of the strength of our business model," Hassell added.
