Assets under custody and administration at BNY Mellon increased 4% from the prior year to $26.2 trillion during the second quarter of 2013. The increase was driven by net new business and higher equity market values.
Investment services fees totaled $1.7 billion, an increase of 4% from the prior year and 6% sequentially, reflecting higher revenue from asset servicing, issuer services and clearing services. The year-over-year increase was partially offset by lower securities lending revenue, while the sequential increase reflects seasonally higher securities lending revenue.
The firm reported second quarter net income applicable to common shareholders of $833 million, or $0.71 per diluted common share, compared with income of $466 million, or $0.39 per diluted common share, in the second quarter of 2012 and a loss of $266 million, or $0.23 per diluted common share, in the first quarter of 2013.
BNY Mellon Reports AuC Increase
Assets under custody and administration at BNY Mellon increased 4% from the prior year to $26.2 trillion during the second quarter of 2013. The increase was driven by net new business and higher equity market values.