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BNY Stock Soars on Higher Fee Revenue, Lower Expenses
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Main points
- Higher fee income and lower costs helped Bank of New York’s results beat analysts’ expectations.
- Fee income increased by 9%, and net interest income increased by 8%.
- Non-interest expenses fell 16%.
Bank of New York Mellon (Buck) (Bank of New York) shares rose 6% on Wednesday morning after the financial firm reported better-than-expected results on higher fee income and lower costs.
The bank reported an adjusted fourth-quarter Earnings per share (EPS) 1.72 US dollars, and revenue increased 11% year-on-year to US$4.85 billion. Both beat consensus estimates from analysts polled by Visible Alpha.
Fee income increased 9% to $3.51 billion due to higher market value and client activity, net new business and higher foreign exchange income. Net interest income increased 8% to $1.19 billion, primarily due to higher yields on its investment portfolio and balance sheet expansion.
Noninterest expenses fell 16% to $3.36 billion.
CEO says Bank of New York ‘on the right path’
CEO Robin Vince explained that Bank of New York “enters 2025 with strong momentum and is on the right path to unlocking opportunity for our company.”
Shares of Bank of New York have risen more than 45% in the past year.
trading view
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