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Bank of New York Mellon (New York Stock Exchange: BK) Fourth-quarter earnings and revenue topped Wall Street estimates as higher interest rates bolstered the lender's interest income during the quarter.
Fourth-quarter adjusted EPS of $1.28, which beat analysts' average estimate of $1.12, rose from $1.27 in the third quarter and fell. from $1.30 in the prior year period.
Revenue of $4.31 billion, versus $4.30 billion in consensus, fell from $4.37 billion in the prior quarter and rose from $3.92 billion in the prior quarter. former.
BK animated up to 1.6% in pre-market trade.
Net interest income increased to $1.1 billion from $1.02 billion in the third quarter and from $1.06 billion in the fourth quarter of 2022. Fee income of $3.21 billion fell 1% quarter-over-quarter and was virtually unchanged. stagnated compared to the previous year.
The provision for credit losses totaled $84 million, up from $3 million in the third quarter and $20 million in the fourth quarter of last year.
Noninterest expenses of $3.87 billion increased from $3.09 billion in the previous quarter and from $3.21 billion in the fourth quarter of 2022.
Assets under custody/administration totaled $47.8 trillion at the end of the fourth quarter, an increase of 5% sequentially and 8% year over year.
Average deposits of $273.1 billion versus $262.1 billion in the third quarter. Average loans increased to $65.7 billion from $64.0 billion.
Conference call at 1:00 pm Eastern Time.
Previously, BNY Mellon (BK) kept its quarterly dividend unchanged at $0.42 per share.
