The Bank of New York Mellon (BNY Mellon) has reported net income applicable to common shareholders of $832m for the fourth quarter of 2018, a 26% slump compared to $1.12bn a year ago.

The group’s total revenue for the quarter ended 31 December 2018 was $4bn, up 7% from $3.73bn in the same period last year.

Noninterest expense dipped 1% year-on-year to $2.98bn. The fall was said to be the result of investments in technology.

The group’s assets under management (AUM) totalled $1.72 trillion at the end of December 2018, down 9% from $1.89 trillion last year.

The firm said that the decrease in AUM was mainly due to the unfavourable impact of a stronger US dollar, lower market values, net outflows, and the sale of CenterSquare Investment Management.

Assets under custody and/or administration dropped 1% to $33.1 trillion on a year-on-year basis.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Issuer services fees were $286m, a 45% jump compared to the previous year. Asset servicing fees remained unchanged at $1.08bn.

Investment management and performance fees dropped 7% to $893m from $962m a year earlier.

BNY Mellon chairman and CEO Charles Scharf said: “While our reported earnings per share declined 22 percent, our results in this quarter and the fourth quarter of 2017 included a series of notable items that make comparisons difficult. Excluding these items, earnings per share grew by 9 percent.

“The underlying performance of our businesses was mixed as our revenue declined, but we continued to maintain strong expense discipline. In addition, we benefited from a lower tax rate and our ongoing ability to return capital to shareholders through buybacks.”