Bank Of New York Mellon Q1 Profit Rises, Above Estimates

(RTTNews) - The Bank of New York Mellon Corporation (BK) Tuesday reported a profit of $905 million or $1.12 per share for the first quarter, higher than $699 million or $0.86 per share in the same quarter a year ago, helped by primarily by growth in net interest revenue.

Excluding on-time items, earnings were $1.13 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.12 per share. Analysts' estimates typically exclude special items.

Quarterly revenue increased 11% year-on-year to $4.363 billion. Net interest revenue grew 62% primarily reflecting higher interest rates. The consensus estimate for revenue was for $4.4 billion.

Provision for credit losses was $27 million in the first quarter, compared with $2 million last year.

The company said its Assets Under Management decreased 16% to $1.9 trillion, primarily reflecting lower market values, unfavorable impact of stronger U.S. dollar and the divestiture of Alcentra.

Additionally, the company's Board declared a dividend of $0.37 per share, payable on May 11, to shareholders of record on April 28.