BNY Mellon Q4 Profit Climbs, Matches Estimates; Revenues Miss - Quick Facts

(RTTNews) - Bank of New York Mellon Corp. (BK) reported Thursday that its fourth-quarter net income applicable to common shareholders climbed 29 percent to $822 million from last year's $637 million. Earnings per share grew 35 percent to $0.77 from $0.57 a year ago.

Adjusted earnings were $826 million or $0.77 per share, compared to $755 million or $0.68 per share last year.

On average, 18 analysts polled by Thomson Reuters expected earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 2 percent to $3.79 billion from last year's $3.73 billion. Analysts were looking for sales of $3.85 billion.

Fee and other revenue went up slightly, while Investment Services fees increased 4%. Net interest revenue increased 9%.

The provision for credit losses was $7 million.

Assets under custody and/or administration or AUC/A of $29.9 trillion increased 3% from last year, reflecting higher market values, offset by the unfavorable impact of a stronger U.S. dollar.

Assets under management of $1.65 trillion increased 1% reflecting higher market values.

Gerald Hassell, chairman and chief executive officer, said, "As we enter 2017, we continue to prioritize enhancing our clients' experience with us in every way ... from ease of access of information, to providing data-driven insights and solutions, to improving responsiveness to inquiries."