The Bank of New York Mellon Corporation (NYSE:BK) outlined its third quarter earnings results on Friday 16th October 2020 before market open.
The financial products and services provider, reported $ 0.98 income per share for the quarter, beat the consensus estimate of $ 0.94 income per share by $ 0.04 or 4.26 percent.
The quarterly earnings lowered 8.41 percent compared with the same quarter last year.
The Bank of New York Mellon Corporation had revenue of $ 3,847.00 million for the quarter, compared to the consensus estimate of $ 3831.46 million. The revenues outshined analysts estimates by $ 15.54 million or 0.41 percent.
The financial report showed revenues declined 0.36 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Todd Gibbons, Chief Executive Officer, said, Our third quarter results reflect the resilience of our business model despite the significant impact of lower rates and associated money market fee waivers, as we reported EPS of 98 cents, down 8 percent year on year. Our operating margin was 30 percent as we controlled costs, and our return on tangible common equity was solid at 17 percent.
