The Bank of New York Mellon (BNY) revealed fourth-quarter earnings mostly in-line with Wall Street expectations on Wednesday on increased investment fees and better mortgage loans.
The sixth-largest U.S. bank posted net income of $622 million, or 53 cents a share, up 23% compared with a year-earlier profit of $505 million, or 42 cents.
The results matched average analyst estimates in a Thomson Reuters poll.
Revenue for the three-month period was $3.62 billion, edging just ahead of the Street’s view of $3.60 billion, and BNY Mellon said its residential mortgage loan portfolio improved during the quarter.
“We benefited from the improvement in market values and, more importantly, from our relentless focus on generating organic growth with our broad client base," said BNY Mellon CEO Gerald Hassell.
A still sour spot was foreign currency trading. Foreign exchange revenue slumped 42% to $106 million on weaker volumes and volatility.
Shares of BNY Mellon fell 3% to $25.62 in morning trade.
Meanwhile, the bank on Wednesday declared a quarterly dividend of 13 cents a share, payable on Feb. 5 to shareholders of record on Jan. 28.