BNY Mellon recorded a net income of $766 million in the first quarter, an increase from $661 million during the same period last year, as revenue from clearing, custody and collateral management spurred the bank.
Total revenues at the bank increased 6% to $3.9 billion year-on-year, as fees from investment services rose 3% to $1.8 billion, largely driven by the Global Collateral Services division and securities lending, the bank says in its earnings release.
Revenue from asset servicing fees (such as global custody, broker-dealer services and global collateral services) was up 3% to $1.04 billion, of which revenue from securities lending fees jumped 13% to $43 million. Revenue from clearing fees also increased 6% to
$344 million.
“In Investment Services, growth in clearing and global collateral management was particularly noteworthy during the quarter where we have been investing to deliver enhanced capabilities to our clients,” says Gerald Hassell, chairman and CEO, BNY Mellon.
According to the bank, it estimates to have achieved new business wins in asset servicing of $131 billion in the first quarter. As of the end of March, assets under custody increased 2% to $28.5 trillion.
Investment Services Profits for BNY Mellon
BNY Mellon recorded a net income of $766 million in the first quarter, an increase from $661 million during the same period last year, as revenue from clearing, custody and collateral management spurred the bank.