Bank of new York Mellon ( NYSE: BK ) second-quarter results on Friday were mixed, highlighted by "healthy client volumes tempered the impact of lower market values," said CEO-elect and President Robin Vince.
Shares of BK increased as much 1.2% in premarket trading.
Q2 adjusted EPS of $1.03 fell short of the consensus of $1.11, but rose from $0.86 in Q1 and down from $1.13 in Q2 2021. On the other hand, revenue of $4.3B topped the average analyst estimate of $4.2B and climbed from $3.9B in Q1 and $4B in Q2 2021.
Fee revenue was $3.3B in Q2, up from $3.2B in Q1 and $3.2B in Q2 2021, reflecting lower money market fee waivers, higher client activity and higher foreign exchange revenue, partially offset by the stronger dollar and lower market values.
Assets under custody decreased 4% to $43.0T in Q2 from a year ago due to market depreciation and a rising dollar, partially offset by client inflows and net new business.
Assets under management also fell 17% to $1.9T in Q2 from last year.
Earlier, BNY Mellon declared a quarterly dividend of $0.37 per share .
For further details see:
Bank of new York Mellon Q2 reflects higher client activity, market depreciation