BNY Mellon Earnings Rise 16% on Higher Fees, Lower Costs
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Bank of New York Mellon Corp., under pressure from activist investors to improve results, reported a 16 percent increase in first-quarter profit as the stock market rally lifted assets and fees for overseeing them, and expenses declined.
Net income rose to $766 million, or 67 cents a share, from $661 million, or 57 cents, a year earlier, the New York-based bank said in a statement today. Analysts had expected earnings of 59 cents a share, according to the average of 14 estimates compiled by Bloomberg.