The Bank of New York Mellon Corp., known as BNY Mellon (BK), posted a first-quarter net loss applicable to common shareholders of $266 million, or $0.23 per share, including a prior announced charge of $854 million, or $0.73 per share, related to the U.S. Tax Court's disallowance of certain foreign tax credits; while it reported a $619 million, or $0.52 per share profit last year.
Excluding this charge, net income applicable to common shareholders totaled $588 million, or $0.50 a share in the reporting period. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude one-time items.
On a GAAP basis, quarterly total revenue was $3.61 billion, versus the year-ago quarter's $3.65 billion, with non-GAAP total revenue dropping year-over-year to $3.60 billion, from $3.64 billion. Analysts estimated revenues of $3.60 billion for the quarter.
As already announced, the company announced a 15% increase in the quarterly dividend, from $0.13 per share to $0.15 per share, payable on May 7, 2013 to shareholders of record as of the close of business on April 29, 2013.
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