Bank of New York Mellon has reported a net income of $505m, or $0.42 per common share, for the fourth quarter of 2011, compared to $679m, or $0.54 per common share, for the same period in 2010.
The total revenue for the fourth quarter of 2011 was $3.54bn, down 6%, compared to $3.75bn for the same period a year ago.
Foreign exchange revenue was $183m, a decrease of 11%, compared to the same period in the previous year.
The company’s assets under custody and administration rose 3% to $25.8 trillion while assets under management gained 8% to $1.26 trillion at 31 December 2011.
BNY Mellon chairman, president and CEO Gerald Hassell said that the company’s Basel III Tier 1 common equity ratio was 7.1% at the end of the quarter. It was a challenging revenue quarter, as general uncertainty in the financial markets resulted in lower-than-normal levels of client activity.