BNY Mellon profit slides but beats estimates

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.

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