BNY Mellon has a jolly good Q2
23 July 2015 New York
Image: Shutterstock
BNY Mellon earned seasonally higher securities revenue of $40 million during Q2 2015.
Securities lending revenue was higher during the last quarter than Q1 2015, when the bank earned $34 million. It was also up on Q2 2014, by $5 million.
Asset servicing fees earned overall during Q2 2015 hit $1.1 billion, an increase of 4 percent year-over-year and 2 percent sequentially.
BNY Mellon explained in its earnings report: “The year-over- year increase primarily reflects organic growth, due in part to global collateral services, net new business and higher market values, partially offset by the unfavourable impact of a stronger US dollar. The sequential increase primarily reflects organic growth and seasonally higher securities lending revenue.”
Financing-related fees, meanwhile, were $58 million in Q2 2015 compared with $44 million in Q2 2014 and $40 million in the first quarter of this year. “Both increases primarily reflect higher fees related to secured intra-day credit provided to dealers in connection with their triparty repo activity,” said the bank.
Gerald Hassell, chairman and CEO of BNY Mellon, said: “Our strong second quarter results demonstrated our execution of our key priorities. We are growing our earnings, investing in next-generation operating platforms and risk management controls, attracting new clients and driving the long-term value of our firm for the benefit of our clients and shareholders.”
Securities lending revenue was higher during the last quarter than Q1 2015, when the bank earned $34 million. It was also up on Q2 2014, by $5 million.
Asset servicing fees earned overall during Q2 2015 hit $1.1 billion, an increase of 4 percent year-over-year and 2 percent sequentially.
BNY Mellon explained in its earnings report: “The year-over- year increase primarily reflects organic growth, due in part to global collateral services, net new business and higher market values, partially offset by the unfavourable impact of a stronger US dollar. The sequential increase primarily reflects organic growth and seasonally higher securities lending revenue.”
Financing-related fees, meanwhile, were $58 million in Q2 2015 compared with $44 million in Q2 2014 and $40 million in the first quarter of this year. “Both increases primarily reflect higher fees related to secured intra-day credit provided to dealers in connection with their triparty repo activity,” said the bank.
Gerald Hassell, chairman and CEO of BNY Mellon, said: “Our strong second quarter results demonstrated our execution of our key priorities. We are growing our earnings, investing in next-generation operating platforms and risk management controls, attracting new clients and driving the long-term value of our firm for the benefit of our clients and shareholders.”
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