Net income applicable to common shareholders grew 9% to $1.07 billion while EPS grew 13% to $1.06 from the prior-year period.
Non-interest expense rose 3%, primarily reflecting investments in technology and higher litigation expense, partly offset by decreases in staff and distribution and servicing expenses.
Total revenues in the Investment Services division rose 3% year-over-year, driven by increases across all the business lines. The revenue growth was fueled by various factors including higher net interest revenues, equity market values and transaction volumes.
Total revenues in the Investment Management division grew 2% on a year-over-year basis, helped by growth in the Asset Management and Wealth Management businesses.
Blackstone thrives on equity growth; Q3 results beat estimates
During the quarter, BNY Mellon returned $895 million to shareholders. Assets under management increased slightly to $1.8 trillion, driven mainly by higher market values and partially offset by the divestiture of CenterSquare Investment Management and negative impacts from the stronger US dollar.
BNY Mellon’s shares were down 2.7% as of 11:45 am ET. The stock has dropped 11% so far this year.