BNY Mellon 4Q earnings take a hit
The Bank of New York Mellon Corp. (BK) recorded a fourth-quarter net income of $513 million, or 44 cents per diluted common share, compared to $622 million, or 53 cents per diluted common share, in the fourth quarter of 2012.
In addition, the lender’s nonperforming assets hit $156 million at Dec. 31, 2013, a decrease of $16 million from $172 million at Sept. 30, 2013.
The drop primarily resulted from returns to accrual status and sales of loans in the other residential mortgage portfolio, the lender said.
"2013 marked a year of strong growth in our core investment services and investment management fees, as we benefitted from improved market conditions and our focus on driving organic growth," said Gerald Hassell, chairman and CEO of BNY Mellon.
"We remain focused on controlling expenses and achieved our Operational Excellence Initiatives goals a full year ahead of schedule, setting the stage for a broader, continuous transformation process, which is expected to create significant financial benefit over the next few years," Hassell added.