Bank of New York Mellon sees jump in quarterly profit

Share with others:


Print Email Read Later

Bank of New York Mellon this morning said third-quarter earnings surged 34 percent to $967 million, or 82 cents per share, up from $720 million, or 61 cents, in the same three months last year as the trust and custody giant benefitted from a U.S. Tax Court reversal.

Excluding the tax court's partial reconsideration of a tax decision that disallowed certain foreign tax credits, BNY Mellon had profit of $706 million, or 60 cents per share, slightly ahead of analysts' consensus estimate of 58 cents.

Revenue for the three months ended Sept. 30 rose 3 percent to $3.77 billion from $3.68 billion on the strength of the company's investment management and services business.

Results were released before the stock market opened.

Market conditions improved for most of BNY Mellon's businesses and the company was ahead of its cost-cutting goals, chairman and CEO Gerald Hassell said.

breaking - businessnews

Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066. First Published October 16, 2013 5:24 AM


Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here