PROFITS increased 78.8 per cent at BNY Mellon, the bank said yesterday, as it gained from improved market conditions in the second quarter.
The custodian bank saw fee revenues rise 13 per cent on the year to $3.2bn (£2.1bn) on improved market performance, and net interest revenues edge up 3.1 per cent to $757m.
That pushed profits up to $833m, up from $466m in the second quarter of 2012.
BNY Mellon recorded $21bn in net long-term inflows in the quarter, while assets under management increased 10 per cent on the same period of 2012 to $1.43 trillion.
Foreign exchange and other trading activity brought in revenues of $207m, up 15 per cent on the year.
And the bank made a profit of $109m on an equity investment.
Headcount edged up 1,500 to 49,800 over the year, while the bank’s Basel III core tier one capital ratio increased from 8.7 per cent to 9.3 per cent and return on common equity improved from 5.5 per cent to 9.7 per cent.
“Our solid revenue growth is a reflection of better market conditions, as well as our success in collaborating across the company to deliver solutions our clients need,” said chief Gerald Hassell.
Its shares rose 1.9 per cent.