(Bloomberg) -- Bank of New York Mellon Corp., the worlds largest custody bank, reported that second-quarter profit rose 79% as the stock-market rally boosted assets and fees for overseeing them.
Net income rose to $833 million, or 71 cents a share, from $466 million, or 39 cents, a year earlier, when costs from a legal settlement hurt earnings, the New York-based bank said today in a statement. BNY Mellon was expected to earn 59 cents a share, according to the average estimate of 15 analysts surveyed by Bloomberg. Profit in this years second quarter included an after-tax gain of $109 million, or 9 cents a share, related to an equity investment.
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