BNY Mellon Profit Rises on Asset Management Fees
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Bank of New York Mellon Corp., the world’s biggest custody bank, said second-quarter earnings more than tripled on higher fees for overseeing and managing investor assets.
Net income climbed to $658 million, or 54 cents a share, from $176 million, or 15 cents a share, a year earlier, BNY Mellon said today in a statement from New York. Analysts expected earnings of 55 cents, according to the average of 11 estimates in a Bloomberg survey. Earnings a year ago were hurt by writedowns on securities backed by pools of home loans.