• Earnings per common share up 4% year-over-year

 

TOTAL REVENUE OF $4.02 BILLION, INCREASED 2% YEAR-OVER-YEAR

• Investment management and performance fees increased 5%

• Investment services fees increased 1%; Asset servicing fees increased 4%

• Net interest revenue increased 8%

 

CONTINUED FOCUS ON EXPENSE CONTROL

• Total noninterest expense up less than 1% year-over-year

 

EXECUTING ON CAPITAL PLAN AND RETURNING VALUE TO COMMON SHAREHOLDERS

• Returned over $900 million to shareholders through share repurchases and dividends

• Return on common equity of 11%; Return on tangible common equity of 22% (a)

• SLR – transitional of 6.3%; SLR – fully phased-in of 6.1% (a)

 

The Bank of New York Mellon Corporation  reported third quarter net income applicable to common shareholders of $983 million, or $0.94 per diluted common share. Net income applicable to common shareholders was $974 million, or $0.90 per diluted common share, in the third quarter of 2016, and $926 million, or $0.88 per diluted common share, in the second quarter of 2017.

 

“Since arriving in July, I have been spending time with clients, regulators, business leaders and employees, listening and learning. Based on what I have seen, I like our business model and what we do. While satisfied with our progress, our leadership team is not satisfied with our performance, as we see further opportunities to drive revenue growth and increase our efficiencies. We will do this while maintaining our strong capital position and continuing to deliver high returns to our shareholders,” Charles W. Scharf, chief executive officer, said.

 

“Our third quarter performance was consistent with our expectation and some areas showed reasonable growth, such as asset servicing, clearing services and investment management. Other areas underperformed, such as depositary receipts, which also reduced foreign exchange trading revenue,” Mr. Scharf continued.

 

“We want to be a consistently high-performing company. Our clients and shareholders expect as much. That will require disciplined management and execution. It will also require continued investment in our core technology platform, heightened focus on achieving platform integration and a reduction in the complexity of our operating

environment. Client focus is at the core of our culture, and we have a big opportunity to do a better job delivering all of BNY Mellon to our clients,” Mr. Scharf concluded.