BNY Mellon Reports First Quarter Earnings Of $880 Million Or $0.83 Per Common Share

BNY Mellon Reports First Quarter Earnings Of $880 Million Or $0.83 Per Common Share

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Chamber Member News Post Date: 05/01/17 Source: BNY Mellon By: BNY Mellon
Summary

The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) today reported first quarter net income applicable to common shareholders of $880 million, or $0.83 per diluted common share. Net income applicable to common shareholders was $804 million, or $0.73 per diluted common share, in the first quarter of 2016, and $822 million, or $0.77 per diluted common share, in the fourth quarter of 2016.

"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 optimization 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," Gerald L. Hassell, chairman and chief executive officer, said.

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