Bank of New York Mellon (BNY) has reported an increase of 14% in its net income for the third quarter of 2024 (Q3 2024) at $1.19bn compared to $1.04bn in the same quarter of the previous year.
In the preceding quarter, that is Q2 2024, the American financial services company had a net income of $1.17bn.
BNY’s diluted earnings per common share (EPS) for the reported quarter was $1.5, an increase of 22% compared to $1.23 in Q3 2023.
The total revenue of the company in Q3 2024 ended 30 September 2024 was $4.65bn, a growth of 5% compared to $4.42bn in the corresponding quarter of the previous year. This increase is attributed to several factors including the 5% rise in fee revenue due to higher market values, net new business, and a surge in foreign exchange revenue.
Besides, BNY’s investment and other revenue also grew, representing a strategic equity investment loss recorded in Q3 2023 and improved results from seed capital investments.
The company’s assets under custody and/or administration (AUC/A) increased 14%, and assets under management (AUM) rose 18% in the reported quarter.
BNY reported a total revenue of $2.2bn for its securities services business segment while its market and wealth services business unit registered a net revenue of $1.54bn.
In addition, BNY’s investment and wealth management business segment posted a total revenue of $849m.
BNY CEO and president Robin Vince said: “Our actions to run our company better, including our ongoing transition to a platforms operating model, are starting to deliver progress toward our medium-term financial targets and additional capacity to reinvest for growth through new and enhanced client solutions.
“In the third quarter, this focus on being more for our clients included the announcement of the planned acquisition of Archer, that will deliver an enterprise solution to clients in the fast-growing managed account ecosystem, and the introduction of Alts Bridge to broaden investor access to Alternatives.”
Last month, BNY launched a new data, software, and services solution, dubbed Alts Bridge, developed to bolster investor access to alternative products.
The new solution will address the rising demand from wealth intermediaries seeking to access alternative and private market investment products through a simplified end-to-end investment experience.
