Bank of New York Mellon (BNY) has released its second-quarter financial results, showing a significant increase in profit, driven by growth in both fee-based and interest income.

The bank reported a quarterly net profit of $1.7 billion, a substantial rise from the $1.39 billion recorded in the same period last year.

Earnings per share for the quarter stood at $2.45, compared to $1.93 per share in the prior-year period.

On an adjusted basis, which excludes certain one-time items, earnings per share were $2.46, surpassing the consensus analyst estimate of $2.23.

Total revenue for the quarter increased by 13% year-over-year to $5.7 billion, exceeding analyst expectations of $5.4 billion.

The bank noted that its fee revenue grew by 11% to $4.04 billion.

This growth was attributed to new business, higher asset values, and increased client activity, which more than offset the impact of outflows from assets under management.

Concurrently, net interest income saw a strong increase of 20%, reaching $1.45 billion.

This rise was supported by an expanded balance sheet and higher reinvestment yields on the bank's investment securities.