The Bank of New York Mellon (BNY Mellon) has reported net income applicable to common shareholders of $974m for the third quarter of 2016, up 18.8% from $820m in the prior-year quarter.
Total revenue was $3.9bn, a rise of 4% on a GAAP and adjusted basis.
Noninterest expense dropped 1% to $2.6bn on both a GAAP and adjusted basis. The company said that the decline reflects lower expenses in most categories, mainly driven by the favourable impact of a stronger US dollar, lower other, software and equipment, legal, net occupancy and business development expenses, partially offset by higher staff and distribution and servicing expenses.
The company’s assets under management at the end of the quarter were $1.72 trillion, a rise of 6%. Assets under custody and/or administration increased 7% to $30.5 trillion.
The group's asset servicing fees were $1.1bn, up 1% compared to the corresponding period in 2015.
Issuer services fees rose 8% year-over-year to $337m, while investment management and performance fees increased 4% to $860m from a year ago.
BNY Mellon chairman and CEO Gerald Hassell said: “We delivered strong results for the quarter, once again meeting or exceeding our three-year Investor Day goals.
“Each of our businesses performed well, as total revenue was up 4 percent and our business improvement process continued to pay off, generating more than 500 basis points of positive operating leverage. Our strategy is benefiting our clients and shareholders through all market environments.”