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BNY Mellon Q4 net income increases to $622m

BNY Mellon has registered net income applicable to common shareholders of $622m, or $0.53 per diluted common share for the fourth quarter of 2012, compared to $505m, or $0.42, during the same period last year.

Commenting on the financial result, BNY Mellon chairman and chief executive officer Gerald Hassell said that the company’s investment management, asset servicing, clearing and treasury services businesses have shown significant growth during the period.

Investment services fees totaled $1.6bn, up by 1% year-over-year, mainly due to higher asset servicing revenue from new business, improved market values and higher collateral management revenue.

Investment management and performance fees rose to $853m, an increase of 17% year-over-year, while Foreign exchange and other trading revenue stood at $139m, compared to $228m.

For the quarter period ended on 31 December 2012, its Investment and other income summed up $116m, versus $146m during the corresponding period last fiscal.

The estimated Basel III Tier 1 common equity ratio was 9.8%, compared to 9.3%, primarily due to lower risk-weighted assets.

Trading in 36 nations and serving more than 100 markets, BNY Mellon offers financial services for institutions, corporations and high-net-worth individuals.