Early Access

10-QPeriod: Q1 FY2011

Bank of New York Mellon Corp Quarterly Report for Q1 Ended Mar 31, 2011

Filed May 9, 2011For Securities:BKBK-PK

Summary

Bank of New York Mellon Corporation (BK) reported its first quarter 2011 results, demonstrating solid performance driven by its core Investment Management and Investment Services businesses. Net income applicable to common shareholders was $625 million, or $0.50 per diluted share, representing an increase from the prior year quarter. Total revenue grew to $3.65 billion, primarily fueled by a 12% year-over-year increase in fee and other revenue, reaching $2.84 billion. Assets under custody and administration (AUC) hit a record $25.5 trillion, and assets under management (AUM) also reached a new high of $1.23 trillion, reflecting strong client inflows and positive market performance. Strategically, BNY Mellon announced a definitive agreement to sell its Shareowner Services business to sharpen its focus on its core growth areas and enhance capital ratios. The company also received regulatory approval for a capital plan, leading to a significant 44% increase in its quarterly dividend and expanded share repurchase authorization. These actions underscore BNY Mellon's commitment to returning capital to shareholders while strategically positioning itself for future growth.

Financial Highlights

38 data points
Beta

Revenue

$3.60B

Net Income

$625.00M

0.2% Net Margin

EPS (Diluted)

$0.50

Total Assets

$266.44B

Cash & Equivalents

$4.06B

Free Cash Flow

$262.00M

Financial Statements
Beta
Revenue$3.60B
Operating Income$625.00M
Interest Expense$150.00M
Net Income$625.00M
EPS (Basic)$0.50
EPS (Diluted)$0.50
Shares Outstanding (Basic)1.23B
Shares Outstanding (Diluted)1.24B

Key Highlights

  • 1Net income of $625 million, or $0.50 per diluted share, up from $559 million ($0.46 per share) in Q1 2010.
  • 2Total revenue increased to $3.65 billion from $3.36 billion in Q1 2010.
  • 3Fee and other revenue grew 12% year-over-year to $2.84 billion, driven by strong performance in Investment Services and Investment Management.
  • 4Assets Under Custody and Administration (AUC) reached a record $25.5 trillion, up from $22.4 trillion in Q1 2010.
  • 5Assets Under Management (AUM) reached a record $1.23 trillion, up 11% from $1.11 trillion in Q1 2010.
  • 6The company announced a definitive agreement to sell its Shareowner Services business for $550 million, expecting a pre-tax gain.
  • 7The Board of Directors authorized a 44% increase in the quarterly dividend to $0.13 per share, payable in May 2011.

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