Finance
BNY Earnings Lifted by Better-Than-Expected Interest Income
- Quarterly net income and revenue beat analyst expectations
- Bank is going through overhaul to cut costs and raise margins
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Bank of New York Mellon Corp.’s fourth-quarter profit topped analyst expectations after higher-for-longer interest rates boosted margins.
The bank reported total revenue of $4.85 billion, up 11% on a year ago and exceeding projections for $4.68 billion. The bank was helped by net interest income declining just 1% over the course of the year, better than the 10% fall executives had been anticipating in July.