BK, BNY Mellon

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The Bank Of New York Mellon Corporation&nbsp;BK shares are trading higher<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">&nbsp;in the premarket session on Tuesday.</a>



The finance behemoth reported first-quarter adjusted earnings per share of $1.29,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;beating the street view of $1.19</a>.



Quarterly revenue of $4.527 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38265726/bny-mellon-reports-first-quarter-2024-results" rel="noreferrer noopener">outpaced the analyst consensus of $4.388 billion</a>.



&#8220;In the first quarter, we delivered double-digit EPS growth as well as pre-tax margin and ROTCE expansion on the back of positive operating leverage,&#8221; said President and Chief Executive Officer Robin Vince.&nbsp;



Net interest income decreased 8%, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates.&nbsp;



Total fee revenue in the quarter under review grew 5% year over year to $3.305 billion, while net interest income fell 8% to $1.04 billion.



Investment and other revenue increased in the quarter, primarily reflecting higher investment, <a href="https://www.benzinga.com/calendars/guidance">other trading and seed capital results. </a>



Noninterest expense of $3.2 billion increased 2% in the quarter under review, or 1% excluding notable items.



Provision for credit losses in the quarter under review totaled $27 million, primarily driven by reserve increases related to commercial real estate exposure.



The Bank Of New York Mellon reported average deposits of $279 billion, increasing 2% year over year and 2% sequentially.



The company said that the first-quarter tier 1 leverage ratio of 5.9% increased eight bps year over year and decreased seven bps sequentially. Pre-tax operating margin totaled 29% (or 30%, excluding notable items).



Dividend:&nbsp;The company declared&nbsp;a quarterly common stock dividend of $0.42 per share,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38265741/bny-mellon-declares-dividends" rel="noreferrer noopener">payable on May 9, 2024</a>.



Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38223366/wall-street-behemoths-bny-mellon-accenture-join-forces-to-revolutionize-financial-services-throu" rel="noreferrer noopener">Wall Street Behemoths BNY Mellon &amp; Accenture Join Forces to Revolutionize Financial Services Through Data Innovation</a>



Price Action: BK shares are trading higher by 2% to $56.19 premarket on the last check Tuesday.



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Bank of New York Mellon shares rise in premarket trading after reporting Q1 results beating expectations.

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