The Bank Of New York Mellon Corporation (NYSE:BK) reported a fourth quarter 2023 adjusted revenue increase of 2% Y/Y to $4.461 billion, beating the consensus of $4.29 billion.
Net interest revenue increased 4% Y/Y to $1.10 billion due to higher interest rates. Fee revenue was flat at $3.214 billion, primarily reflecting lower foreign exchange volatility and volumes and the mix of AUM flows, partially offset by higher market values and the favorable impact of a weaker U.S. dollar.
Total noninterest expense totaled $3.868 billion, up 20.4% Y/Y. The adjusted pre-tax operating margin was ...