(Reuters) – Bank of New York Mellon Corp (BK.N), the world’s largest custodian bank, reported a 67% jump in quarterly profit on Thursday, helped by a one-time gain from the sale of an unspecified equity investment.
The bank said fee revenue rose 26% due to the gain. Excluding that, fee revenue was flat.
Like other U.S. banks that reported results this week, net interest revenue at BNY Mellon also declined.
It fell 8% to $815 million as the bank earned less on interest-earning assets due to the three interest rate cuts by the Federal Reserve last year.
The bank said net income applicable to common shareholders rose to $1.39 billion, or $1.52 per share, in the fourth quarter ended Dec. 31, from $832 million, or 84 cents per share, a year earlier. (reut.rs/36YH8Jb)
Total revenue rose 19.2% to $4.8 billion.
Shares were up 1% in premarket trading.
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