According to the company’ latest earnings report, BNY Mellon Corp’s earnings rose 16 percent, which was higher than the street estimated. The growth figures come amid lowered expenses and increased revenue from foreign exchange trading.
The decision made by the Swiss National Bank may have had an impact on the positive results of the New York headquartered bank. This puts it amongst the foreign exchange champions in the first quarter of 2015, as BNY Mellon reported that its revenues from currency trading increased by 67 percent to $217 million.
The bank cited higher volatility and volumes as the main factor behind the increase. In addition, during the quarter there was a higher Depositary Receipts-related activity.
The company’s CEO and Chairman Gerald L. Hassell commented in the announcement, “Our first quarter results reflect continued progress in executing on our strategic priorities. Earnings per share growth was driven by higher revenues across all of our businesses, our success in holding our expenses in check and generating positive operating leverage.”
Throughout the first quarter of 2015 non-interest expenses at BNY Mellon have been reduced by fell 1% percent when compared to a year ago to $2.7 billion.
The custody bank’s earnings totaled $766 million, which is 67 cents a share. This is substantially higher than a year ago, when BNY Mellon reported $661 million, or 57 cents a share. The market consensus was for 59 cents a share.
Revenue was $3.9 billion, which is higher by 6 percent when compared to the same period a year ago. The figure surpassed the street’s consensus estimates by about $200 million.