January 16, 2019 / 11:42 AM / 3 months ago

BNY Mellon quarterly profit falls 26 percent

Jan 16 (Reuters) - Bank of New York Mellon Corp on Wednesday reported a 26 percent fall in fourth-quarter profit from last year when it benefited from a one-time gain due to a change in U.S. tax laws.

The world's largest custodian bank said net income applicable to common shareholders fell to $832 million, or 84 cents per share, in the quarter ended Dec. 31 from $1.13 billion, or $1.08 per share, a year earlier. (reut.rs/2VXdcb9)

Total revenue rose 7.5 percent to $4.0 billion. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber)

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