Bank of New York (BK) Tops Q4 EPS by 7c

Bank of New York (NYSE: BK) reported Q4 EPS of $0.96, $0.07 better than the analyst estimate of $0.89. Revenue for the quarter came in at $3.84 billion versus the consensus estimate of $3.81 billion.

"During 2020, our business and operational resilience, enhanced by our technology and digital capabilities, enabled us to rapidly support our clients, employees and the financial system through immense stress and volatility. At the same time, we continued to advance our strategic priorities and longer-term growth agenda across all of our businesses. The investments we've made over the past several years, especially in technology and operations, served us and our clients well amid some difficult circumstances, and I want to thank our employees for their extraordinary efforts in supporting our clients during an unprecedented year," Todd Gibbons, Chief Executive Officer, said. "Full-year EPS was $3.83, down from $4.51, reflecting the impact of notable items. On an operating basis EPS was flat at $4.01, despite the impact of credit provisions, lower interest rates and associated money market fee waivers,"

Mr. Gibbons added. "While the full-year impact of low interest rates will be a significant headwind in 2021, we ended the year with momentum in our core franchise. We feel good about our business model and the power of the open architecture platforms and solutions we provide to help our clients grow their businesses. Our enterprise is incredibly strong and interconnected and our breadth of services and capabilities is unrivalled within our peer group, positioning us well for future growth. We have one of the industry's best client rosters and a highly motivated group of talented employees executing our strategy, which is centered on driving growth and creating value for our clients, scaling and digitizing our operating model, and fostering a high-performance culture that is focused on delivering excellent client service in new and innovative ways," Mr. Gibbons further noted. "The combination of our capital generation, revenue growth and good cost control gives us the ability to drive meaningful EPS growth over time," Mr. Gibbons concluded.

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

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