Bank of New York Mellon has reported a better than expected first quarter profit, as surging equity markets and a weaker dollar helped drive double-digit growth in its assets servicing and management businesses. 

Bank of New York Mellon is the world's largest custodian bank. 

The bank's asset servicing revenue surged 13% to $1.52 billion, while asset management revenue jumped 16%to $770m. 

"While we should remain beneficiaries of strong and growing markets over the long term, we are focused on continuing to increase our organic revenue growth," chief executive Charles Scharf said in a statement. 

Under Scharf, the bank has been investing heavily in technology to automate most of its processes and cut costs. 

However, Scharf said despite the company's heavy investment in technology it saw minimal growth in total expenses, which rose 3.7% the latest quarter. 

Scharf, who led Visa for four years until December 2016, replaced Gerald Hassell as CEO in July. 

Assets under management jumped 8% to a record $1.9 trillion, while fee revenue rose 10.3% to $3.32 billion. 

As a custody bank, BNY gets most of its revenue from managing money of customers that include big banks and hedge funds as well as managing investments for clients. 

Last month, the NTMA said it had selected BNY Mellon as custodian to oversee the management of about €14 billion of back taxes and interest the country has been ordered to collect from technology giant Apple.

The bank said today that its net income applicable to common shareholders rose to $1.14 billion, or $1.10 per share, in the quarter ended March 31 from $880m, or 83 cents per share, a year earlier.  

Analysts on average had expected earnings of 96 cents per share, according to Thomson Reuters.