The Bank of New York Mellon (BK) posted better-than-expected results as the oldest U.S. bank reported higher investment services fees. It also boosted its 澳洲幸运5官方开奖结果体彩网:stock buyback program.

The bank founded by 澳洲幸运5官方开奖结果体彩网:Alexander Hamilton posted first-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.29, with revenue up 3% from a year ago to $4.53 billion. Total fees and other revenue increased 6% to $3.45 billion. All three beat analyst expectations. Net interest income declined 8% to $1.04 billion, but that was also above forecasts. 

Assets under control/administration (AUC/A) rose 5%, and 澳洲幸运5官方开奖结果体彩网:assets under management (AUM) were up 6%.ౠ BNY Mellon said the the primary reason for the gains was higher market values.

CEO Robin Vince said the bank was “off ༒to an encouraging start for the year,” as “our growth initiatives deliver results.”

The firm said it had returned $988 million to sh🎃areholders through share repurchases🎀 in the period, and the board authorized an additional $6 billion in stock buybacks. 

Shares of BNY Mellon rose in early trading before paring back gains later in the session. They were 1.9% lower at $54.09 as of 12:45 p.m. ET and have climbed close to 3% since the start of 2024.