The Bank of New York Mellon Corporation (NYSE: BK) on Friday said its adjusted earnings increased in the third quarter of 2024. The financial service provider’s assets under management and assets under custody grew in double digits in Q3.
Earnings, adjusted for special items, increased to $1.52 per share in the September quarter from $1.27 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders was $1.11 billion or $1.50 per share in Q3, vs. $958 million or $1.23 per share in the comparable quarter of last year.
Third-quarter revenue was $4.65 billion, up 5% from the year-ago quarter. Assets under management and assets under custody increased 18% and 14%, respectively, during the three months.
“In the third quarter, this focus on being more for our clients included the announcement of the planned
acquisition of Archer, that will deliver an enterprise solution to clients in the fast-growing managed account ecosystem, and the introduction of Alts Bridge to broaden investor access to Alternatives,” said the company’s chief executive officer Robin Vince.