Bank of New York Mellon Corp. reported earnings that beat estimates after interest income surged on higher rates.
(Bloomberg) — Bank of New York Mellon Corp. reported earnings that beat estimates after interest income surged on higher rates.
Adjusted earnings per share rose 20% to $1.38 for the quarter through June, ahead of the average $1.22 forecast by analysts tracked by Bloomberg.
Assets under custody or administration rose 9% to $46.9 trillion at the end of the period, reflecting higher market values, client inflows and net new business, New York-based BNY Mellon said in a statement Tuesday.
Net interest revenue jumped by a third from the year before to $1.1 billion, the lender said.
“In the second quarter we saw particular strength in clearance and collateral management and depositary receipts,” Chief Executive Officer Robin Vince said in the statement.
State Street Corp. last week reported net interest income and revenue that missed estimates, resulting in a trio of analyst downgrades and a drop in shares.
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