BNY Mellon profit down 23 percent on year-ago gains, cuts expenses

[October 20, 2015] BOSTON (Reuters) - Bank of New York Mellon Corp on Tuesday said third-quarter profit fell 23 percent compared with the year-ago quarter that included one-time gains, but said its noninterest expenses fell.

For the three months ending Sept. 30 the large custody bank reported net income of $820 million, or 74 cents a share, down from net income of $1.07 billion, or 93 cents per share in the same period a year earlier.

Adjusted to account for items including the sale of its One Wall Street building and its stake in Hong Kong bank Wing Hang Bank Ltd, net income in the year-ago quarter was $734 million, or 64 cents per share.

Analysts surveyed by Thomson Reuters I/B/E/S had expected the bank to report earnings of 71 cents per share in the most recent quarter.

(Reporting by Ross Kerber Editing by W Simonm)

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