Fourth-quarter profit drops at BNY Mellon

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Bank of New York Mellon this morning said fourth-quarter profit, including a one-time charge, slumped 17 percent to $513 million, or 44 cents per share, compared with $622 million, or 53 cents per share, the previous year.

Excluding an after-tax loss related to an equity investment, the New York-based asset management giant saw earnings edge up to $628 million, or 54 cents per share.

Revenue for the final three months of 2013 was flat at $3.6 billion.

For the full year, BNY Mellon earned $2.05 billion, or $1.74 per share, down about 16 percent from $2.43 billion, or $2.03, in 2012.

Excluding an unfavorable tax court ruling that disallowed certain foreign tax credits, BNY Mellon earned $2.64 billion, or $2.24, in 2013.

That year “marked a year of strong growth in our core investment services and investment management fees,” chairman and CEO Gerald Hassell said in a statement.

He said the company exceeded its cost-cutting goals and would remain focused on controlling expenses this year.

Results were reported before the opening of the stock market. Top executives were to discuss the figures with Wall Street analysts in a conference call this morning.

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