BNY Mellon profit rises but expenses, revenue disappoint

BNY Mellon said fourth-quarter earnings rose 23 per cent, but its shares fell as investors showed disappointment with declines in foreign exchange activity, subdued revenue from deposits and an uptick in expenses.

The bank’s profit matched Wall Street estimates, but its shares fell 2.8 per cent to US$26.02 on Wednesday. With interest rates scraping along the bottom, BNY Mellon’s net interest margin - largely the difference between what it gets from loans and what it pays on deposits - was 1.09 per cent in the fourth quarter, down from 1.27 per cent a year ago.

via Business feed http://www.scmp.com/business/companies/article/1130048/bny-mellon-profit-rises-expenses-revenue-disappoint