BNY Stock Soars on Higher Fee Revenue, Lower Expenses
Key Takeaways
- Higher fee revenue and cost reductions helped BNY's results beat analysts' estimates.
- Fee revenue was up 9%, and net interest income was 8% higher.
- Non-interest expenses fell 16%.
Bank of New York Mellon (BK), or BNY, shares advanced 6% Wednesday morning as the financial firm posted better-than-expected results on higher fee revenue and lower costs.
The bank reported fourth-quarter adjusted earnings per share (EPS) of $1.72, with revenue jumping 11% year-over-year to $4.85 billion. Both exceeded consensus estimates of analysts polled by Visible Alpha.
Fee revenue grew 9% to $3.51 billion on higher market values and client activity, net new business, and higher foreign exchange revenue. Net interest income rose 8% to $1.19 billion, primarily because of higher investment securities portfolio yields and balance sheet expansion.
Non-interest expenses tumbled 16% to $3.36 billion.
CEO Says BNY 'On the Right Path'
CEO Robin Vince explained that BNY enters 2025 "with strong momentum, on the right path to unlock the opportunity embedded in our company."
Shares of BNY have risen more than 45% over the past year.
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