By Chelsey Dulaney
Bank of New York Mellon Corp. posted better-than-expected profit
in its first quarter, though a key measure of lending profitability
edged down.
BNY Mellon, which acts as an investment manager while
safeguarding trillions of dollars for money managers and other
clients, has faced pressure in recent months from investors who
criticized it as slow to change and in need of a retrenchment. The
2007 purchase of Mellon Financial Corp. didn't produce the benefits
shareholders had expected.
In the latest quarter, BNY Mellon posted a profit of $779
million, up from $674 million in the prior-year period. On a
per-share basis, which excludes preferred dividends, earnings rose
to 67 cents from 57 cents a year ago.
Revenue grew 5.6% to $3.85 billion.
Analysts had projected 59 cents a share in earnings and $3.75
billion in revenue, according to Thomson Reuters.
Fee and other revenue grew 4.1% to $3 billion.
BNY Mellon said its net interest margin, a key measure of
lending profitability, edged down to 0.97% from 1.05% in the same
period a year ago.
Noninterest expense was down 1% from a year earlier to $2.7
billion.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for The Bank of New York Mellon Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0640581007
Access Investor Kit for E.I. du Pont de Nemours & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US2635341090
Subscribe to WSJ: http://online.wsj.com?mod=djnwires