Of Special Interest
Filters
- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
21st October 2011
BNY Mellon ups profit on year ago
BNY Mellon reported Q3 net attributable profit of $651m (€471m £412m ¥50.0bn Y4,152m) and 9 month profit of $2,011m (€1,454m £1,272m ¥154.4bn Y12,827m), up 5% and up 9% on the respective periods of 2010. The Q3 profit was down 11.4% on Q2 as income shrank more than expenses. This may indicate that BNY Mellon will have to join many other banks in introducing further expense reductions.
Q3 Return on Common Equity was 7.6% down from 7.8% a year ago and down from 8.8% for 2011-Q2. Assets under Custody or Administration were $25.9tr (€18.7tr £16.4tr ¥1,989tr Y165.2tr), up 6% on a year ago and down 2% on the previous quarter. AUM alone was $1.2tr, up 5% and down 6%.
Income summary 2011-Q3 2010-Q3 2011-9m 2010-9m
$m $m $m $m
Fee and other revenue
Investment services fees:
Asset servicing 928 870 2,831 2,175
Issuer services 442 364 1,158 1,051
Clearing services 297 252 881 727
Treasury services 127 132 382 388
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Total investment services fees 1,794 1,618 5,252 4,341
Investment management and performance fees 729 696 2,272 2,068
Foreign exchange and other trading revenue 194 146 614 628
Distribution and servicing 43 56 145 155
Financing-related fees 40 49 132 147
Investment and other income 89 97 315 387
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Total fee revenue 2,889 2,662 8,730 7,726
Net securities gains (losses) -2 6 51 26
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Total fee and other revenue 2,887 2,668 8,781 7,752
Consolidated investment management funds
Investment income 169 144 562 487
Interest: investment mgmt fund note holders 137 107 357 320
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Income:consolidated investment mgmt funds 32 37 205 167
Net interest revenue
Interest revenue 928 859 2,663 2,578
Interest expense 153 141 459 373
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Net interest revenue 775 718 2,204 2,205
Provision for credit losses -22 -22 -22 33
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Net interest revenue after provisions 797 740 2,226 2,172
Noninterest expense
Staff 1,457 1,344 4,344 3,798
Professional, legal, other services 311 282 895 779
Software and equipment 193 187 602 518
Net occupancy 151 150 465 430
Distribution and servicing 100 94 320 273
Sub-custodian 80 60 236 177
Business development 57 63 186 183
Other 304 249 873 800
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Subtotal 2,653 2,429 7,921 6,958
Amortization of intangible assets 106 111 322 306
Restructuring charges -5 15 -18 7
Merger and integration expenses 17 56 59 96
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Total noninterest expense 2,771 2,611 8,284 7,367
Income
Income from continuing operations 945 834 2,928 2,724
Provision for income taxes 281 220 837 782
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Net income from continuing operations 664 614 2,091 1,942
Discontinued operations:
Loss from discontinued operations - -6 - -92
Benefit for income taxes - -3 - -37
________________________________________
Net loss from discontinued operations - -3 - -55
Net income 664 611 2,091 1,887
Attributable to noncontrolling interests -13 11 -80 -48
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Applicable to common shareholders 651 622 2,011 1,839