The Bank of New York Mellon Corporation (NYSE: BK) Wednesday reported an increase in adjusted earnings for the fourth quarter of 2024. The financial service provider’s assets under management and assets under custody grew in Q4.
Earnings, adjusted for special items, rose to $1.72 per share in the December quarter from $1.29 per share in the same period of the prior year and topped expectations. Unadjusted net income applicable to common shareholders was $1.13 billion or $1.54 per share in Q4, vs. $162 million or $0.21 per share in the comparable quarter of last year.
Fourth-quarter revenue was $4.85 billion, up 11% from the year-ago quarter and above analysts’ forecast. Assets under management and assets under custody increased 3% and 9%, respectively, during the three months.
