BNY Mellon (NYSE:BK) reported an earnings beat for the third quarter as its income from loans jumped due to higher interest rates.
The New York bank reported a 2% year-over-year increase in revenue from $4.28 billion to $4.37 billion, above the consensus estimate of $4.30 billion.
Fee revenue was flat over the same period in 2022 at $3.2 billion, however net interest revenue increased by 10% to $1.02 billion, compared to $926 million in 3Q last year.
Earnings per share also topped expectations at $1.27. Analysts had forecast EPS of $1.14, per Zacks Investment Research, down from the year-ago quarter’s $1.21.
Average deposits, however, fell 5% sequentially and 9% year-over-year.
Assets under management of $1.82 trillion also fell short of the Street expectation of $1.91 trillion, up 3% from the year-ago quarter’s $1.78 trillion.
Shares of BNY Mellon (NYSE:BK) were higher following its largely upbeat results, adding 1.8% at US$42.58 shortly before noon on Tuesday.
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