The Bank of New York Mellon (BNY Mellon) has reported fourth quarter net income applicable to common shareholders of $807m, or $0.70 per diluted common share, an increase of 57.3% compared to $513m, or $0.44 per diluted per common share a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
For the quarter ended 31 December 2014, total revenue was $3.7bn, an increase of 2%.
The bank’s assets under management reached $1.71trn, an increase of 8% from $1.58trn a year ago driven by higher equity market values and net new business. Assets under custody and/or administration totalled $28.5trn, up 3% from year ago period.
The group’s asset servicing fees were $1bn, an increase of 4% year-over-year, while clearing services fees were $347 million, an increase of 7% year-over-year.
Both increases were driven higher clearance revenue reflecting higher DARTS volume and higher mutual fund and asset-based fees.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIssuer services fees were $193m, a decrease of 19% year-over-year. Treasury services fees were $145m in fourth quarter of 2014, up 6% compared with $137m in the year ago quarter.
Investment management and performance fees were $885m, an increase of 2% year-over-year driven by stronger US dollar and higher equity market values.
BNY Mellon chairman and CEO Gerald Hassell said: "We generated positive operating leverage for the full year – even while absorbing elevated regulatory compliance costs and investing in our business to enhance future growth.
"Additionally, 79% of our earnings were returned to our shareholders in the form of dividends and share repurchases.
"We also continue to focus on leveraging technology and operations innovations to drive continuous improvement in productivity and service quality while reducing costs and risk throughout the organization," added Hassell.
