BNY reports 21% profit surge on strong fee and interest income growth
Banking giant BNY Mellon posted a 21% increase in third-quarter profit as rising equity markets lifted the value of client assets, driving strong fee growth across its divisions.
The world’s largest custodian bank said assets under custody and administration rose 11% year-on-year to $57.8 trillion in the quarter ended September 30, supported by higher market valuations and steady client inflows, News.Az reports, citing Reuters.
BNY’s total revenue climbed 9% to a record $5.08 billion, while net interest income — the difference between what the bank earns on assets and pays on liabilities — jumped 18%, surpassing Wall Street expectations of 12.6% growth, according to LSEG estimates.
The bank also reported a 12% year-on-year rise in asset servicing revenue, marking its strongest growth since the first quarter of 2018.
The solid performance highlights how the market rally and steady inflows have boosted fee-based income for BNY Mellon, which plays a key role in global financial markets through asset servicing and investment management.
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