Shares of Bank of New York Mellon (BK) - Get Report  rose on Wednesday after the bank reported second-quarter earnings that surpassed analysts' estimates and revenue in line with forecasts.

The stock gained more than 2.5% in early trading after the New York bank posted net income of $969 million, or $1.01 a share, compared with $910 million, or 94 cents, in the year-earlier period.

The results exceeded the 96-cents-a-share average of analysts polled by FactSet. Revenue dipped to $3.9 billion from $4.13 billion a year ago, in line with forecasts.

"The impact of the level and shape of the yield curve, as well as continued low levels of volatility and muted market activity, negatively impacted our results," though the drop was partly offset by lower expenses, Chief Executive Charlie Scharf said in a statement.

An inverted yield curve is one in which shorter-term yields are higher than longer-term yields. This hurts banks' profits by making it more expensive to borrow and invest short term vs. long term.

Fee revenue dropped 3%, mainly due to lower foreign-exchange and securities lending revenue.

Net interest revenue declined 12%, hindered by higher deposit and funding costs and the impact of hedging activities.

Investment-services revenue dropped by 3%, while investment-management revenue dropped 10%.

Shares of Bank of New York Mellon were up 2.37% at $44.13 in early trading on the New York Stock Exchange.