Bank of NY Mellon beat expectations with quarterly earnings
Investment bank Bank of New York Mellon beat quarterly earnings estimates on Tuesday after assets under management increased during the period thanks to higher market values and net inflows.
Bank Of New York Mellon Corp.
$77.57
11:10 14/11/24
BNY Mellon posted fourth-quarter earnings per share of $1.01 each, ahead of estimates of $1.01 and last year's print of $0.96.
Net interest revenue on a fully taxable equivalent basis was $681.0m, up from $644.0m in the third quarter but down from $683.0m at the same time a year ago, while the group's net interest margin on an FTE basis was 0.71%, down from 0.68% in the previous quarter and 0.72% at the same time twelve months earlier.
Total fee revenues of $3.23bn were up from $3.11bn in the fourth quarter of 2020.
Chief executive Todd Gibbons said: "As we look to 2022 and beyond, we expect double-digit EPS growth as we are determined to continue delivering consistent organic growth which, together with the current expectation for higher rates, should allow us to generate positive operating leverage, while at the same time continue investing in the growth and efficiency of our businesses."
As of 1320 GMT, BNY Mellon shares were down 0.63% in pre-market trading at $63.20 each.