Bank of New York Mellon has reported an income from continuing operations applicable to common shareholders of $601m, or $0.49 per common share, in the first quarter of 2010.
Assets under custody and administration amounted to $22.4 trillion at March 31, 2010, an increase of 15% compared with the prior year.
Securities servicing fees, excluding securities lending fee revenue, totaled $1.171bn, an increase of $35m year-over-year.
Asset and wealth management fees totaled $696m, an increase of 13% compared with the prior year period.
Net interest revenue (FTE) totaled $770m compared with $779 in the prior year. Investment securities pre-tax net gains totaled $7m compared to a pre-tax net loss of $295m in the first quarter of 2009.
Robert Kelly, chairman and CEO of BNY Mellon, said: “The economic outlook is clearly improving as demonstrated by the performance of the equity and credit markets. Persistent low interest rates globally continue to be a challenge, but our focus on winning new business together with well-controlled expenses resulted in positive operating leverage.
“We continue to reinvest in our businesses, and during the quarter announced two important asset servicing acquisitions. Both are expected to be immediately accretive to earnings and close in the third quarter.”