Updated to correct the analysts' estimate, recast lede.NEW YORK ( TheStreet) -- Bank of New York Mellon ( BK) Tuesday reported second-quarter earnings from continuing operations of $668 million, or 55 cents a share, up from a year-ago comparable profit of $267 million, or 23 cents a share. The average estimate of analysts polled by Thomson Reuters was for a profit of 54 cents a share in the June period. The bank posted earnings from continuing operations of $601 million, or 49 cents a share, in the first quarter. Bank of New York Mellon's second-quarter return on equity was 8.8%, increasing from 4.9% a year earlier, and the company's ratio of tangible common equity to total assets increased to 6.3% from 6.1% the previous quarter and 4.8% a year earlier. CEO Robert Kelly said the holding company achieved "solid growth in securities servicing fees and continued long-term asset inflows for our asset and wealth management businesses." Kelly also said the company had received regulatory approval to open an "asset management joint venture in Shanghai," China. Bank of New York's focus on fee-generating services and relatively small loan portfolio have made it one of the least-risky of the larger banks through the credit crisis. Within the loan portfolio, the ratio of net charge-offs to average loans has remained well below 1% through the crisis. While industry aggregates are not yet available for the second quarter, the net charge-off ratio for all U.S. banks and thrifts was 2.84% for the first quarter, according to the Federal Deposit Insurance Corp. Assets under custody and administration totaled $21.8 trillion as of June 30, emphasizing the company's dominant position in this area, and an increase of 6% from the previous year. Securities servicing revenue grew in kind, to $1.3 billion, also a 6% year-over-year increase. The company completed its acquisition of PNC Financial's ( PNC) global investment servicing unit in early July. Fees from asset management and wealth services were an adjusted $686 million for the second quarter, increasing 12% year over year, and total fee revenue was $2.6 billion, up 14% from the second quarter of 2009. Bank of New York's shares closed at $25.64 Monday, down 8% for 2010 and 12% for one year. -- Written by Philip van Doorn in Jupiter, Fla.