BNY Mellon reports 9 percent earnings rise

Bank of New York Mellon has reported first quarter 2016 net income applicable to common shareholders of $804 million, or $0.73 per diluted common share. This compares with net income applicable to common shareholders of $766 million, or $0.67 per diluted common share in the first quarter of 2015.

In the fourth quarter of 2015, net income applicable to common shareholders was $637 million, or $0.57 per diluted common share, or $755 million, or $0.68 per diluted common share, adjusted for the impairment charge related to a prior court decision, litigation and restructuring charges.

Gerald L Hassell, chairman and chief executive officer said that in challenging market conditions, the bank generated solid earnings growth as it executed on its strategic priorities. “First quarter earnings per share grew by 9 percent year over year and we generated approximately 250 basis points of positive operating leverage while improving our operating margin to 31 percent,” he added.