Sec lending revenue saves BNY Mellon鈥檚 Q1 results 22 April 2016 New York Reporter: Drew Nicol
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BNY Mellon鈥檚 securities lending revenue reached $50 million in Q1, up from $46 million in the previous quarter.
This year鈥檚 first quarterly results also beat the bank鈥檚 results from the same time last year, which peaked at $43 million.
Overall, asset servicing fees, which includes securities lending, grew by a modest 1 percent in Q1 2016 from Q4 2015, but remained flat compared to the same time last year.
In its quarterly report, BNY Mellon boasted asset servicing fees of $1 billion so far this year, reflecting net new business and higher securities lending revenue, offset by lower market values.
The report also point the unfavourable impact of a stronger US dollar as another reason for the flat yearly figures.
Clearing services fees contributed $348 million in the first quarter, compared with $342 million the same time last year and $337 million in Q4 2015.
Again, the bank attributed both increases to higher money market fees, partially offset by the impact of lost business.
The quarter-to-quarter increase also reflects higher volumes.
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