Financial services provider The Bank of New York Mellon Corporation (NYSE: BK) reported an increase in second-quarter 2023 adjusted earnings, aided by a 5% growth in revenues.
Net income, adjusted for special items, moved up to $1.38 per share in the second quarter from $1.15 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders increased to $1.03 billion or $1.30 per share from $835 million or $1.03 per share in the comparable quarter of last year.
Second-quarter revenue was $4.45 billion, up 5% from the year-ago quarter. Meanwhile, assets under management decreased 2% annually to $1.9 trillion, mainly due to the market impact.
“BNY Mellon delivered good financial performance amid a very dynamic operating environment, and we continued taking actions to position the firm for higher underlying growth and enhanced operational efficiency over time,” said the company’s chief executive officer Robin Vince.