Bank of New York Mellon Corp. said its profit for the first quarter rose as market volatility amid the coronavirus pandemic boosted its fee revenue.
The custody bank Thursday posted net income of $944 million, or $1.05 a share, compared with $910 million, or 94 cents a share, in the comparable quarter last year. Analysts polled by FactSet were expecting 90 cents a share.
Provision for credit losses were $169 million.
Revenue was $4.11 billion, up 5% from the year-ago period. Analysts were targeting $3.86 billion.
Total fee revenue was $3.32 billion, up 10% from a year earlier as the bank saw increased transaction volumes and heightened volatility in March. Net interest revenue fell 3% to $814 million due to lower interest rates on interest-earning assets and the effect of hedging activities.
The company said it administered or had under custody $35.2 trillion in assets, up 2% from a year earlier, primarily reflecting higher client inflows, offset by lower market values and the effect of a stronger U.S. dollar.
BNY Mellon also declared common-stock dividend of 31 cents a share Thursday, payable May 11 to shareholders as of April 28.
The bank late last month named Todd Gibbons as chief executive, removing the interim tag he has carried since last fall.