Earnings up says BNY Mellon

The Bank of New York Mellon Corporation has today reported first quarter net income applicable to common shareholders of US$880m, or $0.83 per diluted common share. Net income applicable to common shareholders was $804m, or $0.73 per diluted common share, in the first quarter of 2016, and $822m, or $0.77 per diluted common share, in the fourth quarter of 2016. 

Said Gerald L Hassell, chairman and chief executive officer: "We again delivered double-digit earnings per share growth and positive operating leverage on a year-over-year basis, reflecting the strength of our dynamic, well-diversified business model. Our performance in the quarter benefited from our investments in capabilities that address growing client demands in areas such as collateral optimisation for both the buy and sell side and middle-office services for asset managers. In addition, our overall asset management flows improved to their highest levels since 2014 and assets under custody and/or administration hit a record level.

"We have been delivering high returns on tangible common equity while generating significant levels of capital. During the first quarter, we returned nearly $1.1bn to shareholders through share repurchases and dividends and strengthened our key regulatory capital ratios."

"The progress we are making in digitizing our firm and harnessing emerging technologies should result in an increasingly distinctive client experience, new sources of value for our clients and reduced structural costs for our company. We see ourselves as being an investments platform company that integrates the best of what we and others have to offer for the benefit of our clients and the marketplace," Hassell concluded.