By Chris Wack
Earnings at Bank of New York Mellon Corp. (BK) decreased in the company's second quarter as fee revenue slipped 3% from the same period a year ago.
The company reported $1.02 billion in net income, down 8% from the comparable quarter a year prior. Earnings were $1.01 a share, down from $1.03 a share. Analysts polled by FactSet were expecting 95 cents a share.
Total revenue fell 5% to $3.9 billion. Analysts were expecting $3.924 billion in revenue.
"The impact of the level and shape of the yield curve, as well as continued low levels of volatility and muted market activity, negatively impacted our results," Chief Executive Charlie Scharf said in prepared remarks. ""Our results this quarter also reflect our ongoing increased level of technology and product development investments, but these increases were more than offset by improved efficiency across the company."
Mr. Scharf added that, "We are pleased that we will be able to return capital to shareholders through up to $3.94 billion in common share repurchases by mid-2020, an increase of roughly 20%, and an increase in our common dividend by 11% to 31 cents per share starting in the third quarter."
Net interest revenue for the quarter fell 12%, while the company's total noninterest expenses were $2.65 billion, down 4% from last year.
Write to Chris Wack at email@example.com
Corrections & Amplifications
This article was corrected at 08:44 a.m. ET because the original had an incorrect FactSet consensus number. Analysts polled by FactSet were expecting second-quarter earnings for Bank of New York Mellon Corp. (BK) of 95 cents a share.