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BNY Mellon's profit beats estimates on higher fees

A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien Pirlet
A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien Pirlet

(Reuters) - BNY Mellon Corp on Wednesday reported a higher-than-expected quarterly profit on rising fees from managing money, increased mutual fund balances and strength in foreign currency trading.

The world's largest custody bank by assets earned $967 million, or 82 cents a share, in the third quarter, compared with $720 million, or 61 cents a share, a year earlier.

But without a benefit from a U.S. Tax Court decision, BNY Mellon said earnings were 60 cents a share. That beat the analysts' average estimate of 58 cents, according to Thomson Reuters I/B/E/S.

Investment services fees rose 4 percent to $1.7 billion, partly reflecting higher mutual fund and asset-based fees.

Meanwhile, investment management and performance fees rose 5 percent from year-earlier levels to $821 million. The gains reflected new business and a rising stock market in the third quarter.

Foreign exchange revenue surged 27 percent to $154 million on higher volumes and volatility.

(Reporting by Tim McLaughlin; Editing by Lisa Von Ahn)

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