BNY Mellon profit falls 7% on lower fees

Bank of New York Mellon Corp reported a 7% fall in quarterly profit on Wednesday, as the world's largest custodian bank earned lower fees and took a hit from a drop in interest rates. Net income applicable to common shareholders fell to $1 billion in the third quarter ended Sept.30, from $1.08 billion a year earlier.

On a per-share basis, net income rose to $1.07 from $1.06, reflecting buybacks that have lowered the number of shares. Total revenue for the bank, which provides investment management, wealth management, and investment services to institutions and individuals, fell 5% to $3.86 billion.

Analysts had expected a profit of 99 cents per share, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.