$BNY Posts a 23% Rise in Profits as Assets Rise in Value

“Bank of New York Mellon Corp., the world’s largest custody bank, said fourth-quarter earnings rose 23 percent as higher client assets boosted revenue.

Net income climbed to $622 million, or 53 cents per share, from $505 million, or 42 cents, a year earlier, the New York- based bank said today in a statement. Earnings a year earlier were reduced by expenses tied to job reductions. Analysts had expected BNY Mellon to report a profit of 54 cents a share, the average of 17 estimates in a Bloomberg survey…”

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