RISING fee revenues and increases in assets under management pushed up BNY Mellon’s profits again in the third quarter, the bank reported yesterday.
The custodian bank’s profits came in at $967m (£607m), up 25.5 per cent on the same period of 2012.
Fee revenues rose three per cent to $2.96bn and net interest revenues increased three per cent to $772m.
Assets under custody increased four per cent to $27.4 trillion, as market values rose and the bank saw inflows of funds.
Just in October, the bank saw inflows of $10bn as investors fled the US budget crisis.
In contrast with much of the rest of the banking sector, and particularly investment banks, BNY Mellon increased its headcount from 48,700 to 50,800 in the year.
“Market conditions improved for most of our businesses and, notably, we recorded the sixteenth consecutive quarter of positive net long-term inflows in investment management,” said chairman and chief executive Gerald Hassell.
Its return on common equity increased to 11.2 per cent, up from 8.3 per cent a year ago. And its Basel III tier one common equity ratio rose from 9.3 per cent to 11.1 per cent.
The bank’s share price fell 0.29 per cent on the day.