(Reuters) – Bank of New York Mellon Corp. said on Thursday third-quarter profit rose 11%, topping analysts’ forecasts, helped by growth in fees from asset management and providing back-office services to institutional clients.
In the first quarter since the July merger of Bank of New York Co. with Mellon Financial Corp., net income totaled $640 million, up from $574 million a year earlier for the separate companies, on a pro forma basis, according to the bank. Bank of New York alone posted a $352 million profit a year earlier.
Earnings per share totaled 56 cents per share. Profit from continuing operations was $642 million, also equal to 56 cents per share.
Profit totaled 67 cents per share excluding merger expenses, and 73 cents per share including several other items, the bank said. Analysts on average expected profit of 62 cents per share, according to Reuters Estimates.
Revenue rose 25% on a pro forma basis to $3.6 billion, topping the average $3.49 billion forecast.