NEW YORK (AP) — Bank of New York Mellon said it made a profit in the first quarter, thanks to rising financial markets and more money under management.
Bank of New York Mellon Corp. reported net income of $661 million, or 57 cents per share, for the three months ending March 31. That's up from a loss of $266 million, or 23 cents per share, the year before.
BNY Mellon is a trust bank, acting as a custodian and providing investment management and other services for institutions, corporations and the wealthy. During the first quarter, its assets under management climbed 14 percent to an all-time high of $1.62 trillion. The bank credited both stronger financial markets and funds from new business.
BNY posted first-quarter revenue of $3.65 billion, a slight increase from $3.61 billion in the same quarter of 2013. But the results fell short of analysts' estimates. Analysts had projected the bank to report first-quarter revenue of $3.73 billion.
Analysts had estimated first-quarter adjusted earnings of 53 cents, according to the data provider FactSet.
In premarket trading, shares in BNY inched up 9 cents, less than 0.3 percent, to $33.80. Its shares have dropped nearly 4 percent this year. By contrast, the Standard & Poor's 500 index has gained 1.3 percent so far in 2014.