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(Sharecast News) - Financial services group Bank of New York Mellon comfortably beat expectations with a strong start to 2026, as revenues rose to a record high and profits surged.
The firm, which provides wealth management, clearing, custody and treasury services, reported total revenues of $5.41bn for the first three months of the year, up 4% over the fourth quarter and 13% higher than the year before, ahead of the $5.17bn consensus estimate.
Total fee revenues rose 11% to $3.77bn, helped by higher client activity and new business, higher market values and FX revenues, and a favourable impact of a weaker US dollar.
Meanwhile net interest income jumped 18% to $1.37bn, driven by the reinvestment of investment securities at higher yields and balance sheet growth, the firm said.
Net income jumped 36% to to $1.56bn, while adjusted diluted earnings per share rose 42% to $2.25, well ahead of the $1.93 expected by analysts.
The stock was up 1.2% at $133.52 by 1649 BST.
"BNY had a strong start to 2026 with record revenue of $5.4 billion in the first quarter, [...] reflecting broad-based growth across our Securities Services and Market and Wealth Services businesses," said chief executive Robin Vince.
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