Categories AlphaGraphs, Earnings, Finance, LATEST

Bank of New York Mellon beats Q2 earnings estimates; revenues in-line

The Bank of New York Mellon Corporation (NYSE: BK) topped analysts’ forecasts on earnings for the second quarter of 2019 while revenues matched expectations. The stock was up 0.90% in premarket hours on Wednesday.

Total revenue decreased 5% to $3.9 billion from last year, reflecting lower fee and net interest revenues, but the results were in line with estimates.

Bank of New York Mellon beats second quarter 2019 earnings estimates while revenue comes in line

Net income fell 8% year-over-year to $969 million while EPS dropped 2% to $1.01. Analysts had forecast EPS of $0.95.  

Fee revenue decreased 3%, mainly due to cumulative AUM outflows, negative impacts from a strong US dollar and lower foreign exchange and securities lending revenue. Net interest revenue declined 12%, hurt by higher deposit and funding costs and the impact of hedging activities.  

In the Investment Services business, total revenues fell 3%. Within this business, the company saw revenue growth on a year-over-year basis in most of its divisions except for Asset Servicing and Treasury Services. The decreases in these two divisions were mainly due to lower net interest revenue.

In the Investment Management business, total revenues decreased 10%. Within the segment, revenues declined in both the Asset Management and Wealth Management divisions year-over-year due to various factors including impacts from divestitures and hedging activities and lower net interest revenue.

Assets under custody and/or administration (AUC/A) and assets under management (AUM) both saw single-digit increases, helped by higher market values and net new business.

In a separate release, the company declared a quarterly common stock dividend of $0.31 per share, payable on August 9, 2019 to shareholders of record on July 29, 2019.  

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

ADBE Earnings: Adobe reports higher Q2 earnings; results beat estimates

Design software maker Adobe Inc. (NASDAQ: ADBE) on Thursday reported an increase in second-quarter 2024 revenue and earnings. The results also topped expectations. Second-quarter revenues came in at $5.31 billion,

Dollar Tree (DLTR): A look at the discount retailer’s growth initiatives at its namesake banner

Shares of Dollar Tree, Inc. (NASDAQ: DLTR) were down over 1% on Thursday. The stock has dropped 24% year-to-date. The company delivered sales and GAAP earnings growth for the first

Key highlights from Signet Jewelers’ (SIG) Q1 2025 earnings results

Signet Jewelers Limited (NYSE: SIG) reported first quarter 2025 earnings results today. Sales decreased 9.4% year-over-year to $1.5 billion. Sales were down 9.6% on a constant currency basis. Same-store sales

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top