“Bank of New York Mellon Corp., the world’s largest custody bank, said third-quarter earnings climbed 11 percent as rising stock prices helped expand customer assets.
Net income increased to $720 million, or 61 cents a share, from $651 million, or 53 cents, a year earlier, the New York- based bank said today in a statement. Analysts had expected the New York-based company to report a profit of 54 cents a share, according to the average of 16 estimates in a Bloomberg survey.
“It was a better than expected quarter,” Marty Mosby, a Memphis, Tennessee-based analyst at Guggenheim Securities LLC, said in a telephone interview. “It showed they can generate some revenue growth while still holding down expenses.” Mosby, who rates the shares a buy, predicts improvement next year as the bank adds customers and benefits from cost-cutting.”
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