Bank of New York Mellon says its fourth-quarter profit surged as asset and wealth management revenue offset lower interest income.
Profit rose to $593 million, or 49 cents per share, from $28 million, or 2 cents per share. Excluding discontinued operations, a tax benefit, a restructuring charge and other items, adjusted profit totaled $728 million, or 60 cents per share.
Analysts expected earnings per share of 51 cents, according to Thomson Reuters.
Asset and wealth management fees rose 5 percent to $736 million, due in part to the acquisition of Insight Investment Management, which closed during the quarter.
Meanwhile, low interest rates hurt New York-based Bank of New York Mellon Corp.'s net interest income, which slid 31 percent to $724 million.