BNY Surges to Record After ‘Cautiously Optimistic’ Forecast

Bank of New York Mellon Corp. surged to a record high after reporting better-than-expected net interest income and offering a “cautiously optimistic” forecast for the rest of the year.

Net interest income was $1.03 billion in the three-months through June, beating a Bloomberg consensus of analysts’ estimates by about $20 million. The higher-than-expected figure—down 6% year over year—came amid a slowing decline in non-interest bearing deposits, Chief Financial Officer Dermot McDonogh said on the company’s call to discuss results Friday.