BNY Mellon 3rd Quarter results
21 October 2010 New York
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The Bank of New York Mellon Corporation has reported third quarter income from continuing operations applicable to common shareholders of $625 million, or $0.51 per common share, compared with a loss of $2,439 million, or $2.04 per common share, in the third quarter of 2009 and income of $668 million, or $0.55 per common share, in the second quarter of 2010.
"During the quarter, we successfully completed the GIS and BHF Asset Servicing acquisitions. The acquisitions, combined with the underlying resilience of our business model, helped to offset weakness in the capital markets. The strength of our balance sheet and meaningful capital generation position us well to meet the proposed new capital standards," said Robert P. Kelly, chairman and chief executive officer of BNY Mellon.
Securities servicing fees totaled $1.5 billion, an increase of 20 per cent year-over-year and 17 per cent sequentially. Both increases reflect the impact of the acquisitions. Year-over-year results also reflect higher asset servicing revenue as a result of higher market values and new business and higher issuer services revenue from increased depositary receipts, while clearing services revenue was negatively impacted by lower transaction volumes and lower money market related distribution fees. The sequential comparison also reflects higher asset servicing and issuer services revenue, primarily depositary receipts, offset by lower clearing services revenue. Securities lending fee revenue totaled $38 million in the third quarter of 2010 compared with $43 million in the prior year period and $46 million sequentially.
"During the quarter, we successfully completed the GIS and BHF Asset Servicing acquisitions. The acquisitions, combined with the underlying resilience of our business model, helped to offset weakness in the capital markets. The strength of our balance sheet and meaningful capital generation position us well to meet the proposed new capital standards," said Robert P. Kelly, chairman and chief executive officer of BNY Mellon.
Securities servicing fees totaled $1.5 billion, an increase of 20 per cent year-over-year and 17 per cent sequentially. Both increases reflect the impact of the acquisitions. Year-over-year results also reflect higher asset servicing revenue as a result of higher market values and new business and higher issuer services revenue from increased depositary receipts, while clearing services revenue was negatively impacted by lower transaction volumes and lower money market related distribution fees. The sequential comparison also reflects higher asset servicing and issuer services revenue, primarily depositary receipts, offset by lower clearing services revenue. Securities lending fee revenue totaled $38 million in the third quarter of 2010 compared with $43 million in the prior year period and $46 million sequentially.
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