The Bank of New York Mellon Corp. (BK) has announced its fourth-quarter profits, showcasing significant growth compared to the previous year and surpassing analysts' expectations. The company's net earnings reached $1.130 billion, equating to $1.54 per share, a notable increase from $162 million, or $0.21 per share, reported in the same period last year.
On an adjusted basis, excluding one-time items, the corporation's earnings stood at $1.264 billion, or $1.72 per share. This performance exceeded the average analyst forecast of $1.57 per share, as per data from Thomson Reuters, which customarily disregards special items in its estimates.
The firm's quarterly revenue also witnessed an ascent, increasing by 11.2% to $4.847 billion, up from $4.358 billion in the previous year.
A summary of The Bank of New York Mellon Corp.'s key financial performance for the fourth quarter (GAAP):
- Earnings: $1.130 billion compared to $162 million in the previous year.
- Earnings per Share (EPS): $1.54 versus $0.21 last year.
- Revenue: $4.847 billion, an increase from $4.358 billion the previous year.
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