The Bank of New York Company, Inc reported first-quarter net income of $364 million and diluted earnings per share of $0.47.
This compares with net income of $295 million and diluted earnings per share of $0.41 in the first quarter of 2003.
“We achieved solid organic growth in earnings this quarter reflecting strength in nearly all major business lines. In particular, the investor services and execution and clearing businesses benefited from improving market conditions, higher global equity trading volumes and increased activity by retail investors,” said Thomas A. Renyi, chairman and CEO. “Greater cross-border investing activity and exchange rate volatility also drove foreign exchange revenues to historically high levels.”
The Bank of New York has operations in ten countries across Europe and employs 4,500 people throughout the region. Europe continues to be a key growth driver for the bank, a bank spokesman said.