On Air Now

Listen

Listen Live Now » 101.9 FM Central Wisconsin

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
73° Feels Like: 73°
Wind: WNW 13 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Isolated Thunderstorms 56°

Tomorrow

Partly Cloudy 79°

Thurs Night

Clear 55°

Alerts

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)

Comments