The Bank of New York Mellon Reports Better Than Expected Q3 Results
<p><a href='https://financialmodelingprep.com/financial-summary/BK'>The Bank of New York Mellon Corporation (NYSE:BK)</a> reported its Q3 results, with EPS of $1.21 coming in better than the Street estimate of $1.10. Revenue was $4.3 billion, compared to the Street estimate of $4.2 billion.</p>
<p>The company, as the plumber to much of the financial system, has benefited from the rise in Fed Funds as it has posted double-digit net interest income (NII) growth and its money market fee waivers have fallen dramatically from a year ago. Additional Fed Funds rate increases into 2023 should weigh favorably on its NII growth. Market conditions, however, will likely continue to weigh on fee revenue growth in 2022 and possibly into 2023. Though the company is well capitalized, it plans to be judicious in returning capital to shareholders until market conditions become less volatile.</p>

NYSE:BK