Financial services firm Bank of New York Mellon (BK) reported income of $668m in Q210, up from $601m in the previous quarter and $267m in the year-ago quarter. As income continues to increase at the firm, the credit quality of its assets is also on the rise, BNY Mellon said in a press release today. Provision for credit losses fell to $20m in Q210, 43% below the previous quarter. Total allowance for credit losses rose $7m and net charge-offs came to $13m in the quarter. "Our focus on winning new business and providing exceptional client service resulted in solid growth in securities servicing fees and continued long-term asset inflows for our asset and wealth management businesses," said chairman and CEO Robert Kelly, in a statement. "Our conservative risk profile is reflected in our excellent credit quality and strong capital generation." BNY Mellon held $21.8trn of assets under custody and $1trn of assets under management at the end of June. Non-performing assets totaled $406m, a decrease of $53m or 12% from the end of March, primarily due to repayments, BNY Mellon said. Non-performing assets are up from $550m in Q409. The firm received $1.267bn of securities servicing fees in Q210, up 6% from the previous quarter but 2% below year-ago levels. BNY posted a Tier 1 capital ratio of 13.5%, and a Tier 1 common equity, or stock, to risk-weighted assets ratio of 11.8% in Q210. Write to Diana Golobay. Disclosure: the author holds no relevant investments.