By Dave Sebastian
Bank of New York Mellon Corp. said its profit rose for the third quarter as fee and other revenue increased 8%.
The company on Tuesday posted net income of $947 million, compared with $937 million in the same period last year. Earnings were $1.04 a share, compared with 98 cents a share in the prior year. Analysts polled by FactSet were expecting $1.01 a share.
Net interest revenue fell to $641 million from $703 million, reflecting lower interest rates on interest-earning assets and the effect of hedging activities.
Revenue rose 4.9% to $4.04 billion. Analysts polled by FactSet were expecting $3.95 billion.
Fee and other revenue rose to $3.39 billion from $3.14 billion.
Provision for credit losses was a benefit of $45 million, the company said. It posted provision for credit losses of $9 million in the prior-year quarter. The company said it saw an improvement in the macroeconomic forecast.
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(END) Dow Jones Newswires
October 19, 2021 07:08 ET (11:08 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.