The Bank of New York Co. Inc, parent of Jersey City, NJ-based Pershing LLC, posted a 3% increase in net income during the first quarter.
The Bank of New York Co. Inc, parent of Jersey City, NJ-based Pershing LLC, posted a 3% increase in net income during the first quarter.
The bank said first-quarter earnings climbed to $434 million, or 57 cents per share, up from $422 million, or 55 cents per share that was earned in the first quarter of 2006.
Revenues increased 16% to $1.9 billion from $1.6 billion in the year-ago period.
Analysts surveyed by Thomson Financial had forecast revenues of $1.88 billion on earnings of 57 cents per share.
Asset and wealth management fees increased 20% to $153 million, compared to $127 million in the year-ago period.
Assets under management totaled $130 billion, compared to $113 billion during the year-ago period.
The bank said revenue from asset-servicing fees rose 17% to $393 million, compared to $335 million during the year-ago period.
"Our integration planning with Mellon Financial is progressing very well, said Thomas A. Renyi, chairman and chief executive of Bank of New York, according to a statement.
"We are on track with identifying all the steps necessary to reach our business development goals."
Bank of New York expects to close its acquisition of Mellon Financial Corp. early in the fourth quarter.
Yesterday, Pittsburgh-based Mellon announced that profit increased 22% in the first quarter.
