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Bank of New York Mellon reports first-quarter profit

A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien Pirlet
A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien Pirlet

(Reuters) - Bank of New York Mellon Corp reported a first-quarter profit on Tuesday as rising markets drove up its assets under custody and administration.

The large New York trust bank reported net income of $661 million, or 57 cents per share, compared with a year-earlier loss of $266 million, or 23 cents per share, on a charge from a tax ruling.

Analysts surveyed by Thomson Reuters I/B/E/S on average expected the bank to earn 53 cents per share in the quarter.

Assets under custody and/or administration were $27.9 trillion on March 31, the bank said, up 6 percent from a year earlier.

(Reporting by Ross Kerber)

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