Bank of New York Mellon Corp. reported earnings that beat estimates, as higher interest rates boosted the firm’s revenue.
(Bloomberg) — Bank of New York Mellon Corp. reported earnings that beat estimates, as higher interest rates boosted the firm’s revenue.
Adjusted earnings per share rose to $1.27 in the third quarter from $1.21 a year ago, the lender said in a statement Tuesday. That beat an estimate of $1.15 in a Bloomberg survey.
BNY Mellon, which says it’s the largest custodian bank in the world, reported assets under custody or administration of $45.7 trillion as of Sept. 30. That compares with $46.9 trillion at the end of June.
Shares of the bank rose 1.6% in New York premarket trading on Tuesday. Last quarter, the bank, led by Chief Executive Officer Robin Vince, also reported better-than-expected earnings after scoring a boost from higher rates. Total deposits fell 9% on an annual basis, reflecting wider trends in the regional banking industry.
BNY forayed into the crypto industry and last year launched a digital asset custody platform allowing some clients to hold and transfer Bitcoin and Ether. Vince has cautioned the firm’s push into crypto is moving “exceptionally slowly” and that the crypto custody service is not the main focus of their digital assets journey.
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