In the second quarter of 2022, Bank of New York Mellon (BNY Mellon), the world’s largest custodian bank, reduced its net profit by 16% to $835 million compared to $991 million in the same period of the previous year.

Earnings per share amounted to $1.03 compared to $1.13 a year earlier, the bank said in a press release. Analysts polled by FactSet expected, on average, earnings per share to be $1.12.

BNY Mellon’s quarterly revenue, meanwhile, increased 7% to $4.3 billion, beating the $4.17 billion forecast. The bank’s net interest income jumped 28%, and fee and commission income rose 4%.

Assets under management of the bank at the end of June fell by 17% in annual terms, amounting to $1.9 trillion.

Assets held in custody at BNY Mellon totaled $43 trillion, down 4% year-over-year.

The board of directors of the bank recommended to increase the quarterly dividend by 9% to $0.37 per share.

Since the beginning of 2022, the capitalization of BNY Mellon has fallen by 30%, to $33.34 billion.