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.
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066. First Published October 16, 2013 5:24 AM