Bank of New York Mellon Thursday morning said it earned $880 million in the first quarter, up 9 percent from $804 million a year earlier on higher revenue.
Per-share profits climbed 14 percent to 83 cents from 73 cents. Excluding non-recurring gains, the New York-based trust and custody giant earned 80 cents per share, matching Wall Street estimates.
"We again delivered double-digit earnings per share growth...reflecting the strength of our dynamic, well-diversified business model," chairman and CEO Gerald Hassell said in a statement.
Mr. Hassell noted that the bank returned almost $1.1 billion to shareholders during the quarter through share repurchases and dividends.
Revenue was $3.84 billion for the three months ended March 31, up 3 percent from $3.73 billion in 2016. Both fee and net interest income rose.
Top executives were set to discuss the results in a conference call with analysts at 8 a.m.
Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.