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Bank of New York Mellon net income halves in Q4'20 on onetime items

Written by Jasir Jawaid

Bank of New York Mellon Corp. reported fourth-quarter 2020 net income applicable to common shareholders of $702 million, or 79 cents per share, compared to $1.39 billion, or $1.52 per share, in the year-ago quarter.


The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 87 cents.


Results for the most recent quarter include $159 million, or 18 cents per share, for litigation, severance, losses on business sales and real estate charges. Results for the year-ago quarter included $460 million, or 50 cents per share, for the gain on sale of an equity investment, offset by severance, net securities losses and litigation.


Total revenue declined year over year to $3.84 billion from $4.78 billion amid a 22% decrease in fee revenue. Net interest revenue decreased 17% year over year to $680 million from $815 million.


The company reported provision for credit losses of $15 million, compared to $9 million in the linked quarter and negative credit loss provision of $8 million in the 2019 fourth quarter.


The bank's net interest margin was 0.72%, compared to 1.09% a year ago.


For the full year 2020, BNY Mellon reported net income applicable to common shareholders of $3.42 billion, or $3.83 per share, compared to $4.27 billion, or $4.51 per share, in 2019.


The S&P Capital IQ consensus GAAP EPS estimate for the year was $3.90.


This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.

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