Bank of New York Hits Wall Street Expectations
- Fourth-quarter EPS of 53 cents, hitting consensus estimates.
- Total revenue of $3.61 billion.
NEW YORK (TheStreet) -- Bank of New York Mellon (BK) on Wednesday hit Wall Street's earnings expectations as investment management fees continued to rise.
The trust and custody bank announced fourth-quarter net income applicable to common shareholders of $622 million, or 53 cents a share, hitting the consensus estimate among analysts polled by Thomson Reuters.
Earnings fell from $720 million, or 61 cents a share, during the third quarter, but were up from $505 million, or 42 cents a share, during the fourth quarter of 2011.
Total revenue for the third quarter was $3.606 billion, decreasing from $3.65 billion the previous quarter. Revenue was $3.426 billion in the year-earlier quarter. "We benefited from the improvement in market values and, more importantly, from our relentless focus on generating organic growth with our broad client base," said Bank of New York Mellon CEO Gerald Hassell, in a statement Wednesday. "Our balance sheet and capital ratios strengthened in 2012 even after giving effect to the repurchase of approximately $1.1 billion of our common shares in 2012." Interested in more on Bank of New York Mellon? See TheStreet Ratings' report card for this stock. -- Written by Christopher Westfall in New York.Select the service that is right for you!
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