Fourth-quarter profit up 23 percent for Bank of New York Mellon
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Bank of New York Mellon saw fourth-quarter profit jump 23 percent, to $622 million from $505 million a year earlier, as fee income grew, the New York-based asset management giant reported this morning.
Per-share earnings climbed 26 percent, to 53 cents from 42 cents, in line with Wall Street estimates.
Revenue for the quarter rose 2 percent to $3.62 billion, up from $3.54 billion.
Improved market values, customer growth and cost cuts helped propel earnings, CEO Gerald Hassell said in a statement.
Profit a year ago was hurt by a restructuring charge tied to cost-cutting moves, which trimmed earnings per share by 6 cents.
For the full year, BNY Mellon's profits slid 3.5 percent to $2.43 billion from $2.52 billion in 2011. Per-share profit was flat at $2.03 in both periods.
Revenue dipped 1 percent to $14.56 billion vs. $14.73 billion the previous year.
Assets under custody and administration rose 9 percent from a year ago to $26.7 trillion at year end.
Shares were down 74 cents, or 2.8 percent, at $26.04 in morning trading.
First Published January 16, 2013 7:34 am