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BNY Mellon reports higher Q4'19 net income YOY

Bank of New York Mellon Corp. reported net income applicable to common shareholders of $1.39 billion, or $1.52 per share for the fourth quarter of 2019, compared to $832 million, or 84 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.51.

Total revenue increased year over year in the fourth quarter of 2019 to $4.78 billion from $4.01 billion. Net interest revenue declined year over year to $815 million from $885 million.

The company reported provision for credit losses of $8 million in the fourth quarter, compared to $16 million in the third quarter.

The bank's net interest margin for the quarter was 1.09%, compared to 0.99% in the previous quarter and 1.24% in the year-ago quarter.

BNY Mellon had assets under management of $1.910 trillion at the end of the fourth quarter of 2019, compared to $1.881 trillion at the end of the third quarter and $1.722 trillion at the end of the fourth quarter of 2018.

The bank repurchased 22.2 million common shares in the fourth quarter of 2019 for $1.04 billion.

For full year 2019, the bank reported net income applicable to common shareholders of $4.27 billion, or $4.51 per share, compared to $4.10 billion, or $4.04 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 was $4.52.