The Bank of New York Mellon (BK) reported on Tuesday, July 20, second-quarter income from continuing operations of $668 million, or $0.55 per share, compared with $267 million, or $0.23 per share, in the second quarter of 2009 and $601 million, or $0.49 per share, in the first quarter of 2010. The results beat analysts’ estimates by $0.01 per share.
“Our focus on winning new business and providing exceptional client service resulted in solid growth in securities-servicing fees and continued long-term asset inflows for our asset and wealth management businesses,” said Chairman and CEO Robert Kelly, in a press release.
The bank, which includes asset-custodian Pershing — the host of the annual Pershing INSITE conference for RIAs, advisors and broker/dealers — said that total assets under custody and administration were $21.8 trillion on June 30, 2010, an increase of 6% compared with the prior year and a decrease of 2% sequentially.
Total revenue for the company, excluding net securities gains and/or losses, was $3.34 billion in the second quarter.
Revenue from clearing services to broker/dealers and RIAs was $369 million in the most-recent period, down 8% from last year but up 1% from the first quarter.
Income from clearing services was $92 million, a year-over-year decline of 33% and a quarter-over-quarter drop of 12%.
The pre-tax margin for this business was 25%. The average number of active accounts in the second quarter was 4,896,000.