The Bank of New York Mellon Corporation (NYSE: BK) reported an increase in its fourth-quarter adjusted earnings, while the financial service provider’s revenues declined by 2%.
Net income, adjusted for special items, was $1.30 per share in the final three months of fiscal 2022, higher than the $1.04/share profit reported in the same period of the prior year. Meanwhile, unadjusted net income applicable to common shareholders dropped to $509 million or $0.62 per share from $822 million or $1.01 per share.
Fourth-quarter revenue was $3.92 billion, down 2% from the year-ago quarter. Assets under management decreased 25% annually to $1.8 trillion, mainly due to lower market values, the unfavorable impact of a stronger U.S. dollar, and the divestiture of Alcentra, partially offset by net inflows.