Bank Of New York Mellon Q4 Results Beat Market; Stock Up In Pre-market - Update

(RTTNews) - Shares of Bank of New York Mellon Corp. (BK) were gaining around 3 percent in pre-market activity on the NYSE after the company reported Wednesday higher fourth-quarter earnings and revenues, both above the market estimates.

For the fourth quarter, net income applicable to common shareholders surged 598 percent to $1.13 billion from last year's $162 million. Earnings per share were $1.54, significantly higher than $0.21 a year ago.

Adjusted earnings per share were $1.72, compared to $1.29 a year ago. . The Wall Street analysts, on average, expected the company to report earnings of $1.57 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 11 percent to $4.85 billion from last year's $4.36 billion. Revenues excluding certain items went up 8 percent.

The Street was looking for revenues of $4.66 billion for the quarter.

Fee revenue increased 9 percent, primarily reflecting higher market values and client activity, net new business and higher foreign exchange revenue.

Net interest income increased 8 percent, reflecting higher investment securities portfolio yields and balance sheet growth.

Assets under management or AUM increased 3 percent, mainly driven by higher market values, partially offset by unfavorable impact of a stronger U.S. dollar.

Looking ahead, Robin Vince, President and Chief Executive Officer, noted that the company enters 2025 with strong momentum.

In pre-market activity on the NYSE, Bank of New York Mellon shares were trading at $78.24, up 3.03 percent.

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