BNY Mellon profit surges 67% on one-time gain

Adds details, analyst estimates

Jan 16 (Reuters)Bank of New York Mellon Corp BK.N, the world’s largest custodian bank, reported a 67% jump in quarterly profit on Thursday, helped by a one-time gain from the sale of an unspecified equity investment.

The bank said fee revenue rose 26% due to the gain. Excluding that, fee revenue was flat.

Like other U.S. banks that reported results this week, net interest revenue at BNY Mellon also declined.

It fell 8% to $815 million as the bank earned less on interest-earning assets due to the three interest rate cuts by the Federal Reserve last year.

The bank said net income applicable to common shareholders rose to $1.39 billion, or $1.52 per share, in the fourth quarter ended Dec. 31, from $832 million, or 84 cents per share, a year earlier. (https://reut.rs/36YH8Jb)

Total revenue rose 19.2% to $4.8 billion.

Shares were up 1% in premarket trading.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila)

((Bharath.ManjeshR@thomsonreuters.com; outside U.S. +91 80 6749 8400;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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