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Bank of New York Mellon's Profit Surges

Wednesday, 20 Jan 2010 07:28 AM

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.

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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...
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2010-28-20
Wednesday, 20 Jan 2010 07:28 AM
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