Financial services provider The Bank of New York Mellon Corporation (NYSE: BK) reported an increase in third-quarter 2023 adjusted earnings, aided by a 2% growth in revenues.
Net income, adjusted for special items, increased to $1.27 per share in the third quarter from $1.21 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders more than doubled to $956 million or $1.22 per share in Q3 from $319 million or $0.39 per share in the comparable quarter of last year.
Third-quarter revenue was $4.37 billion, up 2% from the year-ago quarter. Assets under management increased 3% annually to $1.8 trillion.
“We are innovating and pushing forward on our multi-year growth investments all while remaining disciplined to deliver positive operating leverage and pre-tax margin expansion,” said the company’s chief executive officer Robin Vince.