The Bank Of New York Mellon Corporation (NYSE:BK) shares are trading higher in the premarket session on Friday after its third-quarter results.
The finance behemoth reported third-quarter adjusted earnings per share of $1.52 (+20% YoY), beating the street view of $1.42.
Quarterly revenue of $4.648 billion, an increase of 5% year-over-year, surpassed the analyst consensus of $4.542 billion.
Net interest income rose by 3% YoY, driven mainly by higher yields from the investment securities portfolio and balance sheet expansion, though partially offset by shifts in the deposit mix.
Fee revenue in the quarter grew 5% year over year to $3.404 billion. Investment revenue rose, reflecting a strategic equity loss in 3Q23 and better seed capital investment performance.
Noninterest expense for the quarter stood at $3.1 billion flat YoY, as higher ...
