Tags: BNY Mellon | bank | earnings | profit

BNY Mellon's Fourth-Quarter Profit Shows Modest Gain

Friday, 17 Jan 2014 09:03 AM

BNY Mellon Corp. said on Friday its fourth-quarter profit rose slightly and met Wall Street expectations as a buoyant stock market lifted investment management and performance fees.

Excluding a one-time item, the world's largest custody bank earned $628 million, or 54 cents a share, compared with $622 million, or 53 cents a share, a year earlier. In the latest quarter, the bank recorded an after-tax loss of $115 million on an equity investment.

The latest per-share result matched analysts' expectations, according to Thomson Reuters I/B/E/S.

Net income was $513 million, or 44 cents a share.

The bank posted revenue gains across all of its major activities, such as safeguarding assets and calculating mutual fund prices. Investment management and performance fees were $904 million in the quarter, a 6 percent increase over the year-ago period. Foreign exchange revenue surged 19 percent to $126 million on higher volume and volatility in global currency markets.

Long-term net inflows into the bank's mutual funds totaled $2 billion in the fourth quarter, but it was the weakest showing in the past five quarters.

BNY Mellon ended 2013 with $27.6 trillion in assets under custody and administration, a 5 percent gain over 2012.

© 2017 Thomson/Reuters. All rights reserved.

   
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BNY Mellon Corp. said on Friday its fourth-quarter profit rose slightly and met Wall Street expectations as a buoyant stock market lifted investment management and performance fees.
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2014-03-17
Friday, 17 Jan 2014 09:03 AM
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