BNY Mellon's assets under custody remained at $26.3 trillion in the first quarter this year, the same as the quarter prior.
The world's largest custodian says net new business was flat in Q1, and improved market values were offset by changes in foreign currency rates to result in stagnant assets under custody (AuC).
The figure does represent a 2% increase year over year, attributed to net new business and improved market values and offset by changes in foreign currency rates.
Foreign exchange revenue totaled $149 million, a 10% increase year over year (attributed to higher volumes offset by a decrease in volatility) and a 41% increase sequentially (attributed to higher volumes and increased volatility).
The firm's Basel I Tier 1 capital ratio was 13.6% in the first quarter this year compared to 15.0% at the end of last year and 15.6% at the end of the first quarter last year. Its estimated Basel III Tier 1 common equity ratio was 9.4% compared to 9.8% year on year.
BNY Mellon recorded a first quarter net loss applicable to common shareholders of $266 million, which included a charge of $854 million related to the U.S. Tax Court's disallowance of certain foreign tax credits. Total revenue in the first quarter was $3.60 billion, compared with $3.64 billion in the first quarter and $3.61 billion in the fourth quarter last year.