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April 16, 2021, 6:45 a.m. EDT

Bank of New York Mellon profit and revenue fall, but beat expectations

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By Tomi Kilgore

Shares of Bank of New York Mellon Corp. /zigman2/quotes/200171276/composite BK +1.29% were indicated up fractionally in premarket trading Friday, after the bank reported first-quarter profit and revenue that fell from a year ago, given the impact of low interest rates, but topped expectations. Net income declined to $858 million, or 97 cents a share, from $944 million, or $1.05 a share, in the year-ago period. The FactSet consensus for earnings per share was 87 cents. Total revenue fell 5% to $3.92 billion, above the FactSet consensus of $3.84 billion, as total fee revenue fell 1% to $3.27 billion and net interest revenue dropped 20% to $655 million. Total revenue for the bank's largest, investment services business fell 8% to $2.99 billion, while investment and wealth management revenue rose 10% to $991 million. The bank resumed share repurchases during the quarter, and spent $699 million to buy back 16.8 million shares. The stock has advanced 13.1% year to date through Thursday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +1.61% has rallied 19.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.22% has gained 11.0%.

/zigman2/quotes/200171276/composite
US : U.S.: NYSE
$ 51.69
+0.66 +1.29%
Volume: 4.72M
May 13, 2021 4:03p
P/E Ratio
13.79
Dividend Yield
2.40%
Market Cap
$44.75 billion
Rev. per Employee
$346,000
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 37.29
+0.59 +1.61%
Volume: 66.70M
May 13, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,112.50
+49.46 +1.22%
Volume: 2.16B
May 13, 2021 5:03p
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