BK Bank of New York Mellon Corporation

By Will Feuer

Bank of New York Mellon Corp. said its profit rose for the fourth quarter as fee revenue increased 4%, reflecting higher market values and client volumes.

The company on Tuesday posted net income of $863 million, compared with $750 million in the same period last year. Earnings were $1.01 a share, compared with 79 cents a share in the year-ago period. The earnings results matched expectations from analysts polled by FactSet.

Net interest revenue fell to $677 million from $680 million a year earlier, reflecting lower interest rates on interest-earning assets and the effect of hedging activities, the company said.

Overall revenue rose 4% to $4.01 billion. Analysts polled by FactSet were expecting $3.97 billion.

Fee and other revenue rose to $3.34 billion from $3.12 billion a year earlier.

Provision for credit losses was a benefit of $17 million, the company said. It posted a provision for credit losses of $15 million in the prior-year quarter.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 18, 2022 07:01 ET (12:01 GMT)

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