BNY Mellon Q2 Profit Tops Estimates, Revenues Miss - Quick Facts

(RTTNews) - Bank of New York Mellon Corp. (BK) reported Thursday that its second-quarter net income applicable to common shareholders edged down 1 percent to $825 million from last year's $830 million.

Earnings per share, however, grew 3 percent to $0.75 from $0.73 a year ago.

Adjusted applicable net income was $830 million or $0.76 per share, compared to $868 million or $0.77 per share last year.

On average, 18 analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $3.78 billion, a decrease of 3 percent from $3.89 billion last year. Revenues declined 2 percent on an adjusted basis. Analysts were looking for revenues of $3.79 billion.

Fee and other revenue decreased 2 percent year-over-year to $3 billion, and net interest revenue decreased 2 percent to $767 million.

Assets under custody and/or administration of $29.5 trillion increased 3 percent reflecting net new business and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar.

Assets under management of $1.66 trillion decreased 2 percent reflecting net outflows primarily in 2015 and the unfavorable currency impact, offset by higher market values.