=BNY Mellon (BK) reported earnings on Thur 18 Jan 2017 (b/o)

BNY Mellon reports EPS in-line, misses on revs 

• Reports Q4 (Dec) earnings of $0.91 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.91; GAAP revenues fell 1.6% year/year to $3.73 bln vs the $4.01 bln Capital IQ Consensus.
• EPS excludes the following: U.S. tax legislation estimated net benefit of $427 million, or $0.41 per common share & Severance, litigation and other charges of $246 million, or $0.24 per common share.
• Asset servicing fees increased 6% year-over-year and 2% sequentially. The year-over-year increase primarily reflects higher equity market values, net new business, including growth in collateral management, and the favorable impact of the weaker U.S. dollar.
• Net interest revenue increased 2% year-over-year and 1% sequentially. The year-over-year increase primarily reflects higher interest rates, partially offset by lower average deposits and loans as well as the impact of interest rate hedging activities and leasing.
• Record AUC/A of $33.3 trillion increased 11% reflecting higher market values, the favorable impact of a weaker U.S. dollar and net new business.