BK Earnings: Highlights of Bank of New York Mellon Corporation’s Q1 results

Financial services provider The Bank of New York Mellon Corporation (NYSE: BK) reported an increase in first-quarter 2023 adjusted earnings, aided by an 11% growth in revenues.

Net income, adjusted for special items, moved up to $1.13 per share in the first quarter from $0.94 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders increased to $905 million or $1.12 per share from $699 million or $0.86 per share in the comparable period of last year.

First-quarter revenue was $4.36 billion, up 11% from the year-ago quarter. Meanwhile, assets under management decreased 16% annually to $1.9 trillion, mainly due to the market impact.

“While we will remain vigilant given the heightened uncertainty in the current environment, we are pushing forward with our strategic agenda to reinvigorate underlying growth by doing more for our clients across our extensive suite of products and services, while driving greater efficiency,” said the company’s chief executive officer Robin Vince.

Prior Performance