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Stockreport

BNY Mellon profit beats on higher fee revenue, lower taxes [Reuters]

Bank of New York Mellon Corp (BK)  More Company Research Source: Reuters
Last bank of new york mellon corp earnings: 10/18 06:30 am Check Earnings Report
PDF BNY Mellon profit beats on higher fee revenue, lower taxes | Reuters Reuters Staff 2 Min Read (Reuters) - Bank of New York Mellon Corp ( BK.N ), the world’s largest custodian bank, reported a better-than-expected quarterly profit on Thursday, helped by higher fee revenue and lower income tax provision. Provision for income tax fell 14 percent to $286 million in the second quarter. Fee revenue rose 3 percent to $3.21 billion, as the company benefited from higher interest rates and equity markets. Banks and asset managers in the United States have benefited from the tax overhaul that is helping them reduce the amount of reserve for income tax. The bank said net income applicable to common shareholders rose 14 percent to $1.06 billion, or $1.03 per share, in the quarter ended June 30. Analysts on average had expected earnings of $1.02 per share, according to Thomson Reuters I/B/E/S. Total revenue rose 4.6 percent to $4.14 billion. Non-interest expenses rose 3.4 percent to $2.75 billion [Read more]

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