The Bank of New York Mellon Corporation Swings to Q1 Profit (BK)

Financial services company The Bank of New York Mellon Corporation (BK) reported a profit for its first quarter, which came in above analysts’ estimates.

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BK’s Earnings in Brief

BNY Mellon reported Q1 earnings of $661 million, or 57 cents  per share, compared to a net loss of $266 million, or 23 cents per share, a year ago.  Total revenue was $3.647 billion, up from $3.629 billion last year. On an adjusted basis, revenue was $3.627 billion, compared to $3.613 billion in the same quarter last year. Analysts expected to see earnings of 53 cents per share and $3.73 billion in revenue.

CEO Commentary

Chairman and CEO of BK, Gerald L. Hassell, commented: "Investment Management and Investment Services fees increased 3 percent and we managed our expenses well, resulting in pretax earnings growth of 12 percent year over year. Our performance benefitted from strength in Clearing Services, the eighteenth consecutive quarter of positive long-term inflows in Investment Management and the growing contribution from our Global Collateral Services and electronic foreign exchange initiatives.”

BK’s Dividend

BK declared a 17 cent dividend on April 7. The dividend will be paid on May 7 to shareholders of record on April 25. The stock will go ex-dividend on April 23.

Stock Performance

Bank of New York Mellon shares were mostly flat during pre-market trading Tuesday. The stock is down 3.52% YTD.

BK Dividend Snapshot

As of market close on April 21, 2014

Click here to see the complete history of BK dividends.