The Bank of New York Mellon Corporation (NYSE: BK) reported a double-digit increase in earnings for the first quarter of 2024 when the financial services provider’s revenues rose by 3%.
Net income, adjusted for special items, increased to $1.29 per share in the March quarter from $1.13 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders was $953 million or $1.25 per share in Q1, vs. $911 million or $1.13 per share in the comparable quarter of last year.
Fourth-quarter revenue was $4.53 billion, up 3% from the year-ago quarter. Assets under management increased 6% annually to $2.0 trillion.
“Total revenue of $4.5 billion was up 3% year-over-year, as 8% growth in investment services fees led by strength in Asset Servicing, Issuer Services, and Clearance and Collateral Management more than offset revenue headwinds from muted volatility in foreign exchange markets and lower net interest income,” said the company’s chief executive officer Robin Vince.