Jan 18 (Reuters) - Bank of New York Mellon Corp reported a 37 percent rise in fourth-quarter profit on Thursday, benefiting from the federal tax overhaul.
BNY Mellon, the world’s largest custodian bank, said net income applicable to common shareholders rose to $1.13 billion, or $1.08 per share, in the quarter ended Dec. 31, from $822 million, or 77 cents per share, a year earlier.
The company recorded an estimated net benefit of $427 million from the U.S. tax legislation passed in December.
Net interest revenue rose 2.4 percent to $851 million, while non-interest expenses rose 14.25 percent to $3 billion.
Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur