(RTTNews) - Bank of New York Mellon Corp. (BK) reported Q2 net income applicable to common shareholders of $901 million or $1.01 per share compared to $1.02 billion or $1.01 per share last year.
Total revenue increased to $4.01 billion from $3.92 billion generated a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.91 per share on revenue of $3.89 billion for the quarter. Analysts' estimate typically exclude certain special items.
"For the second quarter, we delivered solid results, with all of our Investment Services businesses demonstrating resilient fee performance. Our EPS of $1.01 was flat year on year despite the impact of the lower interest rate environment and higher allowance for credit losses. We further bolstered our Common Equity Tier 1 ratio to 12.6 percent, and achieved a strong return on tangible common equity of 19 percent," Todd Gibbons, Chief Executive Officer, said.
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