S&P 500 (NYSE:SPY) component The Bank of New York Mellon Corporation (NYSE:BK) reported net income above Wall Street’s expectations for the second quarter. The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company offering various products and services for individuals and institutions. The main activities of the company and its subsidiaries include asset management, wealth management, and broker-dealer and advisory services.
The Bank of New York Mellon Earnings Cheat Sheet for the Second Quarter
Results: Net income for The Bank of New York Mellon Corporation rose to $735 million (59 cents per share) vs. $658 million (54 cents per share) in the same quarter a year earlier. This marks a rise of 11.7% from the year earlier quarter.
Revenue: Revenue was $3.85 billion last quarter.
Actual vs. Wall St. Expectations: BK beat the mean analyst estimate of 56 cents per share. It beat the average revenue estimate of $3.68 billion.
Quoting Management: “Fees and net interest revenue grew nicely over both the prior year and quarter, leading to EPS growth of 9% and 18%, respectively. Expense growth remained high due in part to legal and regulatory costs. We are taking additional actions to reduce expenses,” said Robert P. Kelly, chairman and chief executive officer of BNY Mellon.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 54 cents versus a mean estimate of net income of 57 cents per share.
Competitors to Watch: State Street Corporation (NYSE:STT), Northern Trust Corporation (NASDAQ:NTRS), SEI Investments Company (NASDAQ:SEIC), Morgan Stanley (NYSE:MS), Goldman Sachs Group, Inc. (NYSE:GS), Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C), United Western Bancorp, Inc. (NASDAQ:UWBK), and JPMorgan Chase & Co. (NYSE:JPM).
(Source: Xignite Financials)