Bank of New York (BK) Tops Q3 EPS by 2c

Bank of New York (NYSE: BK) reported Q3 EPS of $0.94, $0.02 better than the analyst estimate of $0.92. Revenue for the quarter came in at $4.02 billion versus the consensus estimate of $4 billion.

"Since arriving in July, I have been spending time with clients, regulators, business leaders and employees, listening and learning. Based on what I have seen, I like our business model and what we do. While satisfied with our progress, our leadership team is not satisfied with our performance, as we see further opportunities to drive revenue growth and increase our efficiencies. We will do this while maintaining our strong capital position and continuing to deliver high returns to our shareholders," Charles W. Scharf, chief executive officer, said.

"Our third quarter performance was consistent with our expectation and some areas showed reasonable growth, such as asset servicing, clearing services and investment management. Other areas underperformed, such as depositary receipts, which also reduced foreign exchange trading revenue," Mr. Scharf continued.

"We want to be a consistently high-performing company. Our clients and shareholders expect as much. That will require disciplined management and execution. It will also require continued investment in our core technology platform, heightened focus on achieving platform integration and a reduction in the complexity of our operating environment. Client focus is at the core of our culture, and we have a big opportunity to do a better job delivering all of BNY Mellon to our clients," Mr. Scharf concluded.

For earnings history and earnings-related data on Bank of New York (BK) click here.

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