October 19, 2017 / 10:42 AM / a year ago

BNY Mellon posts higher profit in third quarter

Oct 19 (Reuters) - Bank of New York Mellon Corp reported a higher profit in the third quarter as its net interest revenue rose, benefiting from higher interest rates.

BNY Mellon, the world’s largest custodian bank, said on Thursday net income applicable to common shareholders rose to $983 million or 94 cents per share in the quarter ended Sept. 30, from $974 million or 90 cents per share, a year earlier.

Analysts on average had expected earnings of 92 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.

On an adjusted basis, the bank’s total revenue rose 2 percent to $4.01 billion.

The bank’s third quarter represents Chief Executive Charles Scharf’s first full quarter with the company. (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar)

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