{"id":1975913,"date":"2023-07-18T07:51:02","date_gmt":"2023-07-18T11:51:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bny-mellon-beats-second-quarter-profit-estimates-on-higher-rates\/"},"modified":"2023-07-18T07:53:00","modified_gmt":"2023-07-18T11:53:00","slug":"bny-mellon-beats-second-quarter-profit-estimates-on-higher-rates","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bny-mellon-beats-second-quarter-profit-estimates-on-higher-rates\/","title":{"rendered":"BNY Mellon exceeds Q2 profit estimates due to increased rates."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbny-mellon-beats-second-quarter-profit-estimates-on-higher-rates%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1975913&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div \u200cclass=\"entry-content\">\n<p>(Reuters) \u2013 Bank of New\u2063 York Mellon \u200cCorp \u200cbeats Wall Street\u2064 targets\u2064 for\u200d second-quarter\u2062 profit on Tuesday\u2063 as \u200bthe U.S.\u2062 Federal Reserve\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bny-mellon-beats-second-quarter-profit-estimates-on-higher-rates\/\" title=\"BNY Mellon exceeds Q2 profit estimates due to increased rates.\">aggressive\u200d policy tightening \u200cboosts income earned<\/a> from interest \u200dpayments\u200c on\u200b loans.<\/p>\n<p>Higher rates have helped several big U.S. \u200dbanks\u2064 post strong \u200cprofit \u200bfor the quarter and signal \u2063a resilient economy, \u2062but a \u200cpullback in consumer\u200c spending\u2062 and tightening credit conditions \u2062are clouding the \u2063sector\u2019s \u2062outlook.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" \u200dstyle=\"min-width:\u200d 320px; min-height:\u200c 50px;  text-align: center;\">  \t<script> \u2062 \t\tgoogletag.cmd.push(function() \u2064{ \u2062googletag.display('div-gpt-ad-1663871513696-art-1'); }); \u200b \t<\/script> \u200d\u2062 <\/div>\n<p>\u2063  <\/p>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p> \u2064 \u200c <\/p>\n<p><strong>BNY\u2019s\u200c net \u200cinterest revenue for the quarter surged\u2063 33% to\u2064 $1.1 billion, compared\u2063 with $824 million\u2064 a year earlier.<\/strong><\/p>\n<p>On\u2063 an\u200d adjusted\u200b basis, \u200cit\u200d reported \u200ca\u2063 profit\u200c of \u200b$1.38 per share, comfortably beating\u200c analysts\u2019 average estimate of\u200b $1.22 \u2062per \u200cshare, according to Refinitiv \u2063IBES\u200b data. \u200d  \u200b <\/p>\n<p>The upbeat results\u2062 follow \u200ba \u2063tumultuous\u200d first\u2064 quarter in which\u2062 a global\u2063 banking\u200b crisis\u200c \u2013 triggered by the collapse of three\u200d mid-sized U.S. banks \u2013 led\u2063 panicked\u200b consumers to\u200d pull \u2063out\u2062 billions in \u200ddeposits. \u2063<\/p>\n<p>Since then, sentiment has improved and deposit \u2063outflows \u200dhave eased, driving a near \u200c16.4% rise\u2062 in the S&#038;P 500 Banks\u2063 index \u200bfrom March lows. \u200c<\/p>\n<p> \u2064<\/p>\n<p>BNY\u2019s average\u200d deposits\u200b rose\u2064 1% \u200bto $277.2 billion on a \u2064sequential\u200b basis, but was 10.8% lower\u2062 on \u200ba\u2064 year-over-year basis.\u200b \u200b \u200c \u200d <\/p>\n<p>The\u200c New \u2062York-based \u200bbank set aside $5 million in \u2063provisions \u2062for\u2062 losses, down from $47 million\u2064 a year earlier.<\/p>\n<p>Assets under custody\u2063 or administration\u200d (AUC\/A) at \u200dBNY rose \u200d9% in \u2064the reported quarter to $46.9 trillion\u2064 from a year earlier, \u200ddriven \u200bby higher quarter-end equity market levels and\u200c client flows.<\/p>\n<p>Total revenue rose 5% to\u200c $4.45 billion.<\/p>\n<p>\u200c <\/p>\n<p> \u200c<\/p>\n<p> (Reporting by Jaiveer \u2063Singh Shekhawat in \u200dBengaluru; Editing by \u2064Devika Syamnath)<\/p>\n<p>\u2064 <\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/bny-mellon-beats-second-quarter\/attachment\/file-photo-the-bank-of-new-york-mellon-corp-building\/\"><\/a><\/p>\n<p> \u200d \t\t\t \t\t\t\t\t<\/p><\/div>\n<div\u200d class=\"entry-content\">\u2062  \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/daily-feed-7-17-23\/\" title=\"Daily Feed 17\/07\/23\">suspected \u2064terror attack strikes<\/a> \u2063a \u2062bridge in \u2063Crimea\u200b while Andrew Tate touches on his case.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>One America\u2019s \u200bJessamyn Dodd sits \u2062down \u2064with author and doctor\u200b Miriam Grossman\u200b to \u2062discuss \u2062her\u2062 book\u2064 \u2018Lost In \u200dTrans \u200bNation.\u2019<\/p>\n<\/p><\/div>\n<div\u2062 class=\"entry-content\">\n<p>Missouri Senator\u2062 Eric \u200cSchmitt tells One America News \u200ca federal \u2063judge\u2019s \u2063ruling in\u2063 the lawsuit he \u2064brought\u2064 against \u200cthe Biden Administration when he\u2063 was\u200b attorney \u2062general\u2062 is\u00a0\u2062 \u201ca \u2062big \u200dwin for free speech and a blow\u200d to\u2064 the Biden\u2062 censorship regime.\u201d<\/p>\n<p>\u200d \t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\"> \u2063 \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>In the \u200cfinal\u200d part of an exclusive interview, Senator Rand Paul tells \u2062One America News more evidence\u2062 is \u2063emerging \u200dthat Doctors\u200b Fauci and Collins \u2063are\u2063 not \u200balone in \u200dtheir promotion of\u200c gain of \u200dfunction \u2063research.\u2064 <\/p>\n<\/p><\/div>\n<div\u2064 class=\"entry-content\">\u2063  \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>TOKYO (Reuters) \u2013 SoftBank\u200b Group \u2062has invested\u2062 $65 \u200dmillion\u200d in\u2062 British\u2063 company Tractable, an\u200b insurance\u2064 technology company that uses AI to \u2062assess\u2026 <\/p>\n<\/p><\/div>\n<div \u200dclass=\"entry-content\"> \u200b \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>NEW \u200cDELHI (Reuters) \u2062\u2013 Walt\u2062 Disney has\u200d approached a\u200c state court\u200d in \u2062India\u2062 in an ongoing\u200c legal challenge\u200b against Google\u2019s in-app \u2063billing\u2026\u2063 <\/p>\n<p> \u200b\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div class=\"entry-content\">\n<p>ISTANBUL \u200b(Reuters) \u2013 An accord which Saudi Arabia signed\u2063 to buy Turkish drones entails \u200ccooperation\u2062 in technology \u200ctransfer and joint \u200cproduction, the\u2026 <\/p>\n<p> \u2064\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div\u200d class=\"entry-content\">\u2062  \t\t\t\t\t\t\t\t\t\t<\/p>\n<p>WASHINGTON (Reuters) \u2013 The \u200dWhite House on Tuesday\u2063 along with companies such\u200c as Amazon.com Inc,\u200d Alphabet\u2019s\u2062 Google\u2062 and Best Buy \u2064will announce\u2026\u2064 <\/p>\n<p>\u200c \t\t\t\t\t\t\t\t\t<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bank of New York Mellon Corp exceeded expectations for Q2 profit, benefiting from the Federal Reserve&#8217;s aggressive policy tightening. Higher interest payments on loans due to increased rates contributed to the strong performance. This, along with other big U.S. banks&#8217; robust profits, indicates a resilient economy. However, there may be a potential slowdown.<\/p>\n","protected":false},"author":66,"featured_media":1975914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1975913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1975913"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1975914"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1975913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1975913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1975913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}