The Bank of New York Mellon Corp. was the beneficiary of higher revenues and asset growth in the fourth quarter of 2019 en route to $1.39 billion in fourth-quarter net income, despite the company’s mixed credit quality.
The bank ended the year with $4.27 billion in total net income, up 4 percent from $4.10 billion in 2018, according to its latest earnings report.
“We recently announced additional partnerships that further our efforts to provide best-in-class services to our clients by opening our platform and combining our capabilities with industry leaders and innovative fintechs,” Mellon interim CEO Todd Gibbons said in the report. “Expenses continued to be well managed as our investments to drive operating efficiencies are bearing fruit. Although we increased our technology spend by nearly 10 percent for the year, overall expenses were down.”
The company held $54.9 billion in loan assets at the end of the fourth quarter, the highest of the year, but down from the $56.5 billion it held at the end of 2018.
The bank saw an uptick in deposits year-over year, finishing 2019 with $259.4 billion, compared with $238.7 billion at the conclusion of 2018.
The company reported $95 billion in interest-bearing deposits with the Federal Reserve and central banks, up from $67.9 billion the year before, as well as $14.8 billion from traditional banks.