The Bank of New York Mellon Corporation’s (BK - Free Report) first-quarter 2017 adjusted earnings per share were 80 cents, in line with the Zacks Consensus Estimate.
A rise in revenues and provision benefit supported the results. Also, assets under management (AUM) reflected growth. However, a marginal increase in expenses and lower foreign exchange and other trading revenues were among the headwinds.
After considering 3 cents per share of tax benefit related to new accounting guidance for stock awards, net income applicable to common shareholders for the quarter came in at $880 million or 83 cents per share, up from $804 million or 73 cents per share in the prior-year quarter.
