By Dean Seal
Bank of New York Mellon logged a jump in earnings for the first quarter as the top line was boosted by higher fee revenue and interest income.
The bank posted a profit of $1.15 billion, or $1.58 a share, compared with $953 million, or $1.25 a share, in the same period a year earlier.
Earnings were $1.58 on an adjusted basis as well. Analysts polled by FactSet had been expecting $1.50 a share.
Revenue rose 6% to $4.79 billion, beating analyst projections for $4.76 billion.
Fee revenue was up 3% at $3.4 billion, boosted by net new business and higher market values. Quarterly net interest revenue was up 11% at $1.16 billion as maturing investment securities were reinvested at higher yields, which offset unfavorable changes in deposit mix.
Assets under management during the quarter were flat year-over-year as higher market values offset net outflows.
BNY is among the first banks to report earnings this season. Chief Executive Robin Vince said the company is prepared for an uncertain operating environment moving forward amid swirling tariffs that could upend global trade.
Shares rose 4.2% to $79.79 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 11, 2025 06:52 ET (10:52 GMT)
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