Money world

BNY Mellon, New York City, Tuesday reported second quarter net income of $658 million, or 54 cents per diluted share, nearly four times its second-quarter profit of $176 million, or 15 cents a year ago.

That was spot-on with the average estimate by 15 analysts surveyed by Thomson Reuters, whose range for BNY Mellon (NYSE:BK) was 50 cents to 58 cents.

For the six-month period ended June 30, BNY Mellon earned $1.2 billion, or $1 per share, compared to $498 million or 43 cents a year ago.

Second-quarter net income from continuing operations was $668 million, or 55 cents, compared to $267 million or 23 cents last year.

“Our focus on winning new business and providing exceptional client service resulted in solid growth in securities servicing fees and continued long-term asset inflows for our asset and wealth management businesses,” Chairman and CEO Robert Kelly said in a prepared statement. “Our conservative risk profile is reflected in our excellent credit quality and strong capital generation.”

BNY Mellon, Pittsburgh’s third-largest bank according to deposits, employed 7,143 here at the end of the second quarter.

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