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BNY Mellon EPS up 35% YOY

Bank of New York Mellon Corp. on Jan. 19 reported fourth-quarter 2016 net income applicable to common shareholders of $822 million, or 77 cents per share. In comparison, it was $637 million, or 57 cents per share, a year ago.

Full-year 2016 net income, meanwhile, was $3.43 billion, or $3.15 per share, compared with 2015's $3.05 billion, or $2.71 per share.

The S&P Capital IQ consensus normalized EPS estimate was 77 cents for the recent quarter and $3.16 for the full year.

Noninterest expense fell 2% to $2.63 billion, with M&I, litigation and restructuring charges accounting for $7 million of it. And while total fee and other revenue stayed flattish at $2.95 billion, investment management and performance fees were down 2% from a year ago, partly due to the U.S. dollar's strength against the British pound.

Full-time employees numbered 52,000, down by 300 from the preceding quarter.

Total nonperforming assets amounted to $107 million, compared with the prior quarter's $109 million. The company recorded provision for credit losses of $7 million. It had recorded a release of $19 million in the third quarter and the provision of $163 million a year ago.

BNY Mellon recorded net interest margin, on a fully taxable equivalent basis, of 1.17%, up sequentially from 1.06% and year over year from 0.99%.