BNY Mellon beats profit estimates on boost from higher interest rates

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Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWire - Bank of New York Mellon Corp beat Wall Street estimates for third-quarter profit on Tuesday, as rate hikes by the U.S. Federal Reserve bolstered the lender's income from loans.

BNY Mellon's net interest revenue for the reported quarter jumped nearly 10% to $1.02 billion, compared with $926 million a year earlier. New York-based BNY Mellon kept aside $3 million in provision for credit losses for the quarter. Meanwhile last year, it had released some reserves and reported a $30 million benefit.

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