April 19, 2018 / 10:51 AM / a month ago

CORRECTED-UPDATE 1-BNY Mellon quarterly profit tops estimates

(Corrects paragraph 4 to “$2.74 billion” from “$2.74”)

April 19 (Reuters) - Bank of New York Mellon Corp reported a better-than-expected first-quarter profit on Thursday, helped by strong growth in its assets servicing and management business.

The world’s largest custodian bank said net income applicable to common shareholders rose to $1.14 billion, or $1.10 per share, in the quarter ended March 31 from $880 million, or 83 cents per share, a year earlier.

Analysts on average had expected earnings of 96 cents per share, according to Thomson Reuters I/B/E/S.

Non-interest expenses rose 3.7 pct to $2.74 billion.

Total revenue rose 8.7 percent to $4.18 billion.

Assets under management jumped 8 percent to a record $1.9 trillion, driven by surging equity markets, a weaker dollar and net inflows, partially offset by the divestiture of CenterSquare Investment Management, the company said. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D’Silva)

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