Bank of New York Mellon today reported a better than expected 18.8% jump in quarterly profit, helped by lower costs and a rise in net interest revenue.
The world's largest custodian bank said net income attributable to common shareholders rose to $974m, or 90 cents per share, in the three months ended September 30.
This was up from $820m, or 74 cents per share, a year earlier.
Excluding items, the company said it earned $979m, or 90 cents per share, beating the average analyst estimate of 81 cents per share, according to Thomson Reuters I/B/E/S.
The bank said its non-interest expenses dropped 1.4% to $2.64 billion.
Revenue from interest rose nearly 2% to $774m. Total revenue rose about 4% to $3.94 billion.
EEach of our businesses performed well," the company's chief executive Gerald Hassell said in a statement.
BNY Mellon said assets under management rose 3.1% to $1.72 trillion in the third quarter from the second.
