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.
Continue Reading Below
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.