Bank of New York Mellon Corp (BK) reported a first-quarter profit on Tuesday as rising markets drove up its assets under custody and administration.

The large New York trust bank reported net income of $661 million, or 57 cents per share, compared with a year-earlier loss of $266 million, or 23 cents per share, on a charge from a tax ruling.

Analysts surveyed by Thomson Reuters I/B/E/S on average expected the bank to earn 53 cents per share in the quarter.

Assets under custody and/or administration were $27.9 trillion on March 31, the bank said, up 6 percent from a year earlier.