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BNY Mellon's Q3 net income up 9% YOY

Bank of New York Mellon Corp. posted a 9% year-over-year increase in third-quarter results.

Net income applicable to common shareholders rose to $1.08 billion, or $1.06 per share, from $983 million, or 94 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP EPS was $1.04.

Total revenue grew 1% year over year in the third quarter to $4.07 billion from $4.02 billion.

Net interest margin for the quarter was 1.27%, compared to 1.26% in the previous quarter and 1.15% in the year-ago quarter.

The company reported a credit reserve release of $3 million in the third quarter, compared to $3 million in the second quarter and $6 million in the year-ago quarter.

At the end of the quarter, nonperforming assets totaled $81 million, compared to $82 million in the linked quarter and $94 million in the year-ago quarter.

The bank repurchased 12 million common shares in the third quarter for $602 million.