BNY Mellon reports mixed results for Q2 2019 17 July 2019London Reporter: Jenna Lomax
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BNY Mellon reported a decrease in Q2 2019 with a total revenue of $3.9 billion, a decrease of 5 percent, compared to Q1 2019.
Fee revenue decreased 3 percent compared to Q1 2019, while net interest revenue decreased 12 percent for the same period.
BNY Mellon said the year-over-year decrease primarily reflects lower net interest revenue, lower foreign exchange and securities lending revenue, lower client activity and the unfavorable impact of a stronger US dollar.
The bank reported $35.5 trillion in assets under custody, an increase of 6 percent.
Assets under administration (AUM) stood at $1.8 trillion for Q2 2019, an increase of two percent compared to Q1 2019.
The bank found clearance and collateral management both saw an increase in Q2 2019, which it said was partially offset by lower net interest revenue.
Charlie Scharf, chairman and CEO, said: 鈥淢arket conditions drove a decline in foreign
exchange and securities lending activities within asset servicing while prior-year outflows and divestitures negatively impacted asset management.鈥�
鈥淗owever, we saw fee growth in issuer services, clearance and collateral management and Pershing.鈥�
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