The Bank of New York Mellon Corporation (NYSE:BK) reported its results for the third quarter. Net income for the financial services company rose to $651 million (53 cents per share) vs. $622 million (51 cents per share) in the same quarter a year earlier. This marks a rise of 4.7% from the year earlier quarter. Revenue rose 8% to $3.69 billion from the year earlier. BK fell in line with the mean analyst estimate of 53 cents per share. Analysts were expecting revenue of $3.7 billion.
“Year-over-year, we achieved revenue and earnings growth as we benefited from new business wins, net long-term asset flows and increased deposits,” said Gerald L. Hassell, chairman, president and chief executive officer of BNY Mellon. “We also delivered positive operating leverage despite higher legal and severance costs, and generated a 22 percent return on tangible common equity for the quarter.” “In a challenging environment, our employees are doing an outstanding job providing our clients with the highest levels of service, winning new business, maximizing efficiency, and mitigating risk. We will continue to invest in our businesses to support our clients and the communities we serve while keeping a sharp focus on near-term earnings performance,” added Mr. Hassell.
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).
PNC Financial Services Group (NYSE:PNC) reported its results for the third quarter. Net income for PNC Financial Services Group fell to $830 million ($1.55 per share) vs. $1.1 billion ($2.07 per share) a year earlier. This is a decline of 24.6% from the year earlier quarter. Revenue fell 1.5% to $3.54 billion from the year ago. The mean estimate for PNC was $1.49 per share.
“PNC’s results for the third quarter were driven by strong performance across our businesses and markets as we continued to grow customers, loans and deposits,” said James E. Rohr, chairman and chief executive officer. “We increased capital and managed risk by improving overall credit quality. We are managing expenses effectively so we can further invest in products and services. Despite softness in the economy, we believe our business model will continue to deliver quality growth in the future.”
Competitors to Watch: Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), JPMorgan Chase & Co. (NYSE:JPM), KeyCorp (NYSE:KEY), Citigroup Inc. (NYSE:C), Regions Financial Corp. (NYSE:RF), BB&T Corporation (NYSE:BBT) and First Horizon National Corp. (NYSE:FHN).