The Bank of New York Mellon Corporation (NYSE:BK) posted its second quarter earnings results on Wednesday 15th July 2020 before market open.
The financial products and services provider, reported $ 1.01 income per share for the quarter, beat the consensus estimate of $ 0.91 income per share by $ 0.10 or 10.99 percent.
The firm had revenue of $ 4,010.00 million for the quarter, compared to the consensus estimate of $ 3890.78 million. The revenues outshined analysts estimates by $ 119.22 million or 3.06 percent.
The financial report showed revenues extended 2.19 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Todd Gibbons, Chief Executive Officer, said, For the second quarter, we delivered solid results, with all of our Investment Services businesses demonstrating resilient fee performance. Our EPS of $1.01 was flat year on year despite the impact of the lower interest rate environment and higher allowance for credit losses. We further bolstered our Common Equity Tier 1 ratio to 12.6 percent, and achieved a strong return on tangible common equity of 19 percent,.
