The Bank of New York Mellon Corporation (NYSE: BK) announced mixed results for the fourth quarter of 2023 when the financial services provider’s earnings declined despite an increase in revenues.
Net income, adjusted for special items, decreased to $1.28 per share in the December quarter from $1.30 per share in the same period of the prior year. Unadjusted net income applicable to common shareholders was $256 million or $0.33 per share in Q4, vs. $509 million or $0.62 per share in the comparable quarter of last year.
Fourth-quarter revenue was $4.31 billion, up 10% from the year-ago quarter. Assets under management increased 8% annually to $1.97 trillion.
“We are entering 2024, the year of our 240th anniversary, on a strong footing and with great momentum. Our priorities are clear, and we are moving with speed to be more for our clients, run our company better, and power our culture in 2024 and beyond,” said the company’s chief executive officer Robin Vince.