April 19, 2018 / 10:38 AM / 3 months ago

BNY Mellon profit rises 29 pct

April 19 (Reuters) - Bank of New York Mellon Corp reported a 29 percent rise in first-quarter profit on Thursday as growth in the bank’s asset servicing business helped boost fee revenue.

The world’s largest custodian bank said net income applicable to common shareholders rose to $1.14 billion, or $1.10 per share, in the quarter ended March 31 from $880 million, or 83 cents per share, a year earlier.

Total revenue rose 8.7 percent to $4.18 billion. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D’Silva)

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