BNY Mellon cut quarterly net income worse than expected

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.

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