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BNY fourth-quarter profit rises on boost from higher fee income

BNY Mellon reported a rise in its fourth-quarter profit on January 15, 2025, driven by an increase in fee income, particularly from investment services and wealth management. The bank's net income applicable to common shareholders was $2.1 billion, or $2.52 per share, up from $1.3 billion, or $1.40 per share, in the same quarter of the previous year. This improvement was supported by a 10% increase in total fee and other revenue, reaching $3.2 billion, despite a slight decrease in net interest revenue. Additionally, BNY Mellon benefited from a $1.1 billion gain related to the sale of its Canadian-based asset manager, which significantly boosted its earnings. However, the bank also faced challenges such as a 1% drop in assets under management to $1.9 trillion, attributed to market depreciation and foreign exchange movements.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bny-fourth-quarter-profit-rises-boost-higher-fee-income-2025-01-15/ ]