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BNY Beats Q3 Estimates, But Shares Dip
15 Oct
Summary
- BNY reported Q3 adjusted earnings per share of $2.37, beating estimates by $0.11.
- Third quarter revenue reached $5.68 billion, a 12% increase year-over-year.
- Assets under custody and administration rose 10% to $63.4 trillion.
The Bank of New York Mellon Corporation (BNY) announced third-quarter financial results that exceeded analyst forecasts. The company reported adjusted earnings per share of $2.37, surpassing the expected $2.26. Revenue for the quarter reached $5.68 billion, an increase of 12% compared to the same period last year, and also beat analyst projections of $5.55 billion.
This revenue growth was fueled by significant gains across BNY's platforms. Fee revenue saw a 12% year-over-year increase to $4.08 billion, while net interest income climbed 15% to $1.42 billion. BNY achieved a pre-tax margin of 39% and a return on tangible common equity of 29%.
CEO Robin Vince highlighted the strong performance, noting a 12% revenue increase and 24% EPS growth. Assets under custody and administration grew by 10% to $63.4 trillion, and assets under management increased by 2% to $2.2 trillion. The company also returned $1.4 billion to shareholders through dividends and share repurchases. Despite these positive results, BNY's stock experienced a minor dip in pre-market trading.
