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BANK OF NEW YORK MELLON CORPORATION (THE)

(BK)
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Bank of New York Mellon 1Q Profit, Revenue Fall

04/16/2021 | 05:15am EDT

By Maitane Sardon

Bank of New York Mellon Corp. on Friday posted a decline in profit and revenue in the first quarter.

The New York City-based company logged a profit of $858 million compared with a profit of $944 in the same three-month period a year earlier. Earnings per share were 97 cents, compared with $1.05 a year ago.

Analysts polled by FactSet had forecast earnings of 87 cents a share.

Revenue was $3.92 billion, down from $4.11 billion in last year's first quarter. Analysts had forecast revenue of $3.84 billion.

BNY Mellon's first-quarter fee revenue was $3.26 billion, up 1% from $3.23 billion in the year-ago period. Excluding money market fee waivers, fee revenue increased 6%.

Net interest revenue dropped to $655 million in the quarter, compared with $814 million in the equivalent quarter last year. The decrease reflected lower interest rates on interest-earnings assets, the bank said.

The bank said its provision for credit losses was negative $83 million, citing "an improvement in the macroeconomic forecast." In last year's first quarter, the bank's provision for credit losses was $169 million.

Write to Maitane Sardon at maitane.sardon@wsj.com

Corrections & Amplifications

This was corrected at 8:53 a.m. ET becauase the original incorrectly stated Analysts polled by FactSet had forecast earnings of $1.09 a share. Analysts also had forecast revenue of $4.82 billion. Analysts polled by FactSet had forecast earnings of 87 cents a share for Bank of New York Mellon Corp.'s first quarter. Analysts also had forecast revenue of $3.84 billion.

This was corrected at 9:46 a.m. ET because the original incorrectly stated that Bank of New York Mellon's third-quarter fee revenue was $3.26 billion. Bank of New York Mellon's first-quarter fee revenue was $3.26 billion.

(END) Dow Jones Newswires

04-16-21 0715ET

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Financials (USD)
Sales 2021 15 568 M - -
Net income 2021 3 506 M - -
Net Debt 2021 33 825 M - -
P/E ratio 2021 12,8x
Yield 2021 2,49%
Capitalization 45 429 M 45 429 M -
EV / Sales 2021 5,09x
EV / Sales 2022 5,00x
Nbr of Employees 48 000
Free-Float 63,2%
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Technical analysis trends BANK OF NEW YORK MELLON CORPORATION (THE)
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 51,81 $
Last Close Price 51,89 $
Spread / Highest target 11,8%
Spread / Average Target -0,16%
Spread / Lowest Target -11,4%
EPS Revisions
Managers and Directors
NameTitle
Thomas P. Gibbons Chief Executive Officer & Director
Emily H. Portney Chief Financial Officer
Joseph J. Echevarria Non-Executive Chairman
Bridget E. Engle Chief Information Officer & Senior Executive VP
James S. Wiener Chief Investment Officer & Senior Vice President
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