Bank Of New York Mellon Beats Q3 Earnings Estimates On Higher Interest Rates
Portfolio Pulse from Lekha Gupta
Bank of New York Mellon Corp (NYSE:BK) reported a Q3 FY23 revenue increase of 2% Y/Y to $4.37 billion, beating the consensus of $4.33 billion. Net interest revenue increased 10% Y/Y to $1.02 billion due to higher interest rates. Adjusted EPS was $1.27 (+5% Y/Y), above the consensus of $1.15. BK shares are trading higher by 0.74% at $42.15 premarket.
October 17, 2023 | 12:28 pm
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Bank of New York Mellon Corp reported better than expected Q3 FY23 earnings, with a 2% Y/Y revenue increase and a 10% Y/Y increase in net interest revenue due to higher interest rates. This has led to a premarket increase in BK shares.
The company's better than expected earnings report, driven by higher interest rates, has led to a positive reaction in the stock market, with BK shares trading higher in the premarket. This suggests that investors are reacting positively to the company's financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100