October 16, 2013 / 10:46 AM / 5 years ago

BNY Mellon's profit beats estimates on higher fees

A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien Pirlet

(Reuters) - BNY Mellon Corp (BK.N) on Wednesday reported a higher-than-expected quarterly profit on rising fees from managing money, increased mutual fund balances and strength in foreign currency trading.

The world’s largest custody bank by assets earned $967 million, or 82 cents a share, in the third quarter, compared with $720 million, or 61 cents a share, a year earlier.

But without a benefit from a U.S. Tax Court decision, BNY Mellon said earnings were 60 cents a share. That beat the analysts’ average estimate of 58 cents, according to Thomson Reuters I/B/E/S.

Investment services fees rose 4 percent to $1.7 billion, partly reflecting higher mutual fund and asset-based fees.

Meanwhile, investment management and performance fees rose 5 percent from year-earlier levels to $821 million. The gains reflected new business and a rising stock market in the third quarter.

Foreign exchange revenue surged 27 percent to $154 million on higher volumes and volatility.

Reporting by Tim McLaughlin; Editing by Lisa Von Ahn

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below