Bank of NY Mellon 3Q profit rises |
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Thu, 18 Oct 2007 12:11
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NEW YORK (AP) - The Bank of New York Mellon Corp. posted a double-digit rise in profit Thursday, its first quarter reporting as one company, as market volatility brought in more fees from securities servicing.In the three months ended Sept. 30, the trust bank -- which does asset management and servicing for companies and the wealthy rather than mass-market retail banking -- said net income rose to $640 million, or 56 cents per share. That's up from $352 million, or 49 cents per share, in the same period a year ago.Income from continuing operations was $642 million, or 56 cents a share, up from $298 million. A year ago, Bank of New York and Mellon were two separate companies. Also, in the third quarter of 2006, Bank of New York had not yet sold its retail business to JPMorgan Chase & Co.Excluding merger and integration costs, earnings per share came to 67 cents. That was above the average analyst forecast, which was 61 cents per share, according to Thomson Financial. Analyst estimates do not typically include one-time items.Total revenue amounted to $3.614 billion.CEO Robert P. Kelly said in a statement that the volatile market environment had a positive effect on the securities servicing businesses.'While the asset management environment during the quarter was challenging, we capitalized on our strength in money market funds and won a landmark mandate in China,' he added.Bank of New York Mellon closed Wednesday at $43.96, near the high end of its 52-week range of $35.26 to $46.93.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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