Bank of New York Mellon's 3Q profit rises 11 percent on higher investment fees

MarketsAssociated Press

The Bank of New York Mellon Corp.'s third-quarter profit rose 11 percent from a year ago as it made more money from investment fees.

The New York-based bank said net income rose to $1.07 billion, or 93 cents per share, in the third quarter, compared with $962 million, or 82 cents per share, in the same quarter a year ago.

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Adjusted to remove certain items, the company earned 64 cents per share, beating the 62 cents per share analysts expected, according to FactSet.

Revenue rose 22 percent to $4.61 billion from $3.78 billion. Analysts expected revenue of $3.73 billion, according to FactSet.

BNY Mellon is a trust bank, acting as a custodian and providing investment management and other services for institutions, corporations and the wealthy.

Shares of the New York-based company rose 24 cents to $36.40 in afternoon trading Friday.