Finance
BNY’s Profit Tops Estimates, Aided by Surging Asset Values
- Bank says investment services fees rose 5% in third quarter
- Assets under custody surpass $50 trillion for the first time
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Bank of New York Mellon Corp.’s third-quarter profit topped expectations after a jump in asset values fueled a 5% increase in fee revenue.
Investment services fees rose 5% to $2.34 billion in the third quarter while income from foreign exchange jumped 14% to $175 million, according to a statement. That helped total revenue climb to $4.65 billion, which topped the $4.55 billion average of analyst estimates compiled by Bloomberg.