BNY Mellon profit falls 20 percent on lower fee revenue

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BNY Mellon profit falls 20 percent on lower fee revenue

FILE PHOTO: The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York’s financial district March 11, 2015. REUTERS/Brendan McDermid

(Reuters) – Bank of New York Mellon Corp reported a 20 percent fall in quarterly profit on Wednesday, as the world’s largest custodian bank’s fee revenue declined.

The bank said net income applicable to common shareholders fell to $910 million, or 94 cents per share, in the first quarter ended March 31, from $1.14 billion, or $1.10 per share, a year earlier. (reut.rs/2ZlhuuP)

Total revenue fell 6.7 percent to $3.90 billion.

Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila