Reports
Net Income, AuM Rises At BNY Mellon
The US financial services group chalked up a rise in wealth management revenues, and assets in this side of the business also gained from a year before in Q4.
BNY Mellon
yesterday reported net income applicable to common shareholders
of $822 million for the fourth quarter of 2021, rising 17 per
cent year-on-year.
Assets under management stood at $2.4 trillion at the end of
December 2021, rising 10 per cent year-on-year as a result of
higher inflows and market levels, the US-listed group said in a
statement. Assets under custody and administration rose 14 per
cent to hit $46.7 trillion.
Wealth management revenues stood at $311 million, rising 13 per
cent year-on-year. Wealth management total assets rose 12 per
cent to $321 billion from a year before.
“We made significant progress toward advancing our strategic
priorities and growth agenda, and we delivered solid and improved
financial results,” Todd Gibbons, chief executive, said.
“Three broad themes really stood out: Our outstanding sales
performance and improved broad-based organic growth, the number
of innovative products and solutions that we’re bringing to the
market across our businesses, and our enhanced effectiveness in
delivering the full breadth of securities services, market and
wealth services, and investment and wealth management with
better, more holistic solutions for our clients.”
“Full-year EPS [earnings per share] of $4.14 was up 8 per cent
year-over-year as the benefits of a supportive market backdrop
and a benign credit environment together with our meaningfully
improved organic growth more than offset the stiff headwind of
lower interest rates. Having started 2021 with a significant
amount of excess capital combined with our strong capital
generation throughout the year allowed us to return $5.7 billion
– or 160 per cent of earnings – to our shareholders through
common dividends and share repurchases,” he said.
Pershing, the business providing custody and other specialist
services to financial institutions including wealth managers,
logged $553 million in total revenues for Q4, slipping 2 per cent
on a year before.
The group said the Common Equity Tier 1 ratio – an important
measure of a bank’s capital buffer – stood at 11.1 per cent at
the end of December.
