Boosted by a pair of acquisitions last year, Bank of New York Mellon Corp. reported Wednesday that fourth quarter earnings rose 10%.
The New York-based company’s operating earnings increased to $734 million, or 59 cents per share, from $667 million, or 55 cents a share, from a year earlier. Analysts had expected operating earnings of 57 cents per share. Income from continuing operations declined to $690 million, or 55 cents per share, from $712 million, or 59 cents a share.
Revenue rose 14% to $3.8 billion from a year earlier and 10% from the previous quarter. BNY Mellon said this included a 16% increase in fee income to $3 billion caused by its acquisitions last year of PNC Financial Services Group Inc's global investment servicing business and BHF Asset Servicing of Germany.
BNY said it had a record $25 trillion of assets under custody at the end of 2010, a 12 percent increase from the end of 2009 and a 2 percent gain over the prior quarter.