Fueled by an expanding securities services business, the Bank of New York announced Wednesday that its second-quarter profits and increased 13%.
BNY says it income climbed to $448 million, or $0.59 per share, from the profits it reported a year ago, which hit $398 million, or $0.52 cents per share.
BNY also saw a 14% increase in fee revenue, bringing in $1.37 billion.
The increase exceeds estimates by both Bove and Thomson Financial, which projected profits of $0.57 and $0.56 respectively.