Dallas, Texas 07/18/2013 (Financialstrend) – Bank of New York Mellon, the world’s largest custody bank announced second quarter results recently. As per the report, the net income increased by 81 percent to $833 million from $466 million a year ago. Overall revenue was up 11% to $4.1 billion and total free revenue soared 14% to nearly $3.2 billion. Outcomes consist of $109 million gain associated to the sale of an equity investment.
Bank of New York Mellon also manages cash for wealthy individuals, publicized in May it would increase its wealth-management sales force by 50% under a 2 year recruiting campaign. The management had announced that second-quarter return surged on strong foreign exchange trading and a one-time investment gain, thrashing Wall Street estimates and sending the bank’s shares up 3 percent. Bank of New York Mellon Corp hopped sharply last quarter, powered by the growing stock market and the bank’s healthier loan portfolios, but like other banks in the industry, they are focused on cost controls to offset an ultimate recession in mortgage banking. Spontaneously, the bank goal is to diminish price by $700 million this year.
There has been a gain of 0.78% in the shares of The Bank of New York Mellon Corporation (NYSE:BK) and currently trading at $31.16 per share. The stock had presented intraday fluctuations on the range of $30.92 – 31.22 per share, after opening at $31.01 for the day. The company had recorded 52 week low at $20.13 and 52 week high at $31.78 per share.
There are 1.15 billion shares outstanding with a market cap of $35.86 billion and an institutional ownership of 83% of the total capital. The trading volume is 0.173 million shares and the average volume is at 6.62 million shares per day.
The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services concern that divides its business into 2 principal segments such as Investment Management & Investment Services.