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BNY Mellon Q2 Profit Declines 16%, Miss Estimates

Bank of New York Mellon Corp. (BK) reported Friday that net income applicable to common shareholders for the second quarter declined to $835 million or $1.03 per share from $991 million or $1.13 per share in the prior-year quarter.

Total revenue for the quarter increased 7 percent to $4.25 billion from $3.96 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share on revenue of $4.17 billion for the quarter. Analysts' estimates typically exclude certain special items.

The company also said its Board of Directors approved an increase of the quarterly cash dividend on its common shares by 9 percent to $0.37 per share.

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