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Oct 19 (Reuters) - Bank of New York Mellon Corp’s profit beat analysts’ estimates, as higher interest rates drove net interest revenue at the world’s largest custodian bank in the third quarter.
Net interest revenue rose 8.4 percent to $839 million in the quarter ended Sept. 30, the bank said on Thursday, reporting results for the first full quarter under new Chief Executive Charles Scharf.
Net income applicable to common shareholders rose about 1 percent to $983 million.
Earnings per share was 94 cents per share, topping analysts’ average estimate of 92 cents, according to Thomson Reuters I/B/E/S.
However, poor performance of depositary receipts hurt foreign exchange and other trading revenue, which dipped 5.5 percent.
Fees and other revenue - the biggest contributor to earnings - rose half a percentage point to $3.17 billion.
On an adjusted basis, the bank’s total revenue rose 2 percent to $4.01 billion. (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar)