By Will Feuer

Bank of New York Mellon Corp. said its profit fell for the first quarter as net interest revenue increased 7%.

The company posted net income applicable to common shareholders of $699 million for the first quarter, compared with $858 million in the same period last year.

Earnings were 86 cents a share, compared with 97 cents a share in the year-ago period. Analysts surveyed by FactSet were expecting earnings of 85 cents a share.

Net interest revenue rose to $698 million from $655 million a year earlier, reflecting higher interest rates on interest-earning assets, a change in asset mix and lower funding expense, partially offset by lower interest-earning assets, the company said.

Overall revenue rose slightly to $3.93 billion from $3.92 billion a year earlier. Analysts polled by FactSet were expecting $3.94 billion. Fee and other revenue fell 1% to $3.23 billion.

Provision for credit losses was $2 million, the company said. It posted a provision for credit losses that was a benefit of $83 million in the prior-year quarter.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 18, 2022 07:04 ET (11:04 GMT)

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