Recasts paragraph 1, adds analyst estimates in paragraph 3, adds comment from CEO in paragraph 4

By Jaiveer Shekhawat

April 11 - BNY BK.N beat analyst expectation for the first-quarter profit on Friday, benefiting from growth in assets under custody which led to stronger fee-based revenue streams.

The bank's fees, typically calculated as a percentage of assets under custody, benefited from the acquisition of new clients and heightened market volatility that led to investors aggressively revamping their portfolios to cushion against the impact.

Adjusted profit came at $1.58 per share, for the three months ended March 31, beating analysts estimates of $1.51 per share.

There is near- and medium-term uncertainty in both the capital market and the economy. So in times like this, the bank will position itself conservatively, said Robin Vince, BNY President and CEO in a call to reporters.

Its total fee revenue grew 3% year-on-year to $3.40 billion in the reporting quarter.

Net interest income - the spread between earnings from assets and expenditure from liabilities - rose 11% to $1.16 billion.

BNY's assets under custody and administration were $53.1 trillion in the first quarter, 9% higher than last year.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Janane Venkatraman and Tasim Zahid)

((JaiveerSingh.Shekhawat@thomsonreuters.com;))