BNY Mellon Profit Climbs 12% as Market Rally Lifts Assets
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Bank of New York Mellon Corp., the world’s biggest custody bank, reported a 12 percent increase in first-quarter earnings as a rising stock market lifted assets and the fees for overseeing them.
Net income climbed to $625 million, or 50 cents a share, from $559 million, or 46 cents, a year earlier. Analysts had expected the New York-based company to earn 56 cents a share, according to the average of 13 estimates in a Bloomberg survey.