Bank of New York Mellon's (NYSE:BK) Q2 earnings tumbled 32% Y/Y, weighed by lower fees and $0.14/share in charges related to investment management funds and severance, but adjusted EPS beat expectations.
Assets under management jumped 15% Y/Y to $1.64T.
Assets under custody and administration rose 9% Y/Y and 2% Q/Q to $28.5T, driven by higher market values, the impact of a weaker U.S. dollar and net new business.
Investment services fees totaled $1.7B, down 1% Y/Y and up 1% Q/Q, reflecting lower revenue from corporate trust and depositary receipts.
Net interest revenue and the net interest margin were $719M and 0.98% vs. $757M and 1.15% in the year-ago quarter and $728M and 1.05% in Q1 2014.
The provision for credit losses was a credit of $12M as improvement in the credit quality of the loan portfolio continues; the provision for credit losses was a credit of $19M in year-ago quarter and a credit of $18M in Q1 2014.