BoNY Mellon on Track With Q2 Results

Stephen Harris

20 July 2007

Income from continuing operations in the second quarter for the former Bank of New York rose 15 per cent to $448 million and net income fell 1 per cent to $445 million. Fees from securities servicing rose 19 per cent to $1.09 billion. At the former Mellon, income from continuing operations rose 26 per cent to $281 million from $223 million a year earlier. Net income increased 19 per cent to $275 million. Fees from securities servicing rose 11 per cent to $333 million. The merger of the two companies, which closed on 1 July has created the world's largest custodian with $18,000 billion in assets under custody and an asset manager with more than $1,000 billion under management.