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18.01.2018 12:30
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BNY Mellon Reports Fourth Quarter Earnings of $1.13 Billion Or $1.08 Per Common Share
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PR Newswire
NEW YORK, Jan. 18, 2018
NEW YORK, Jan. 18, 2018 /PRNewswire/ --
TOTAL REVENUE OF $3.7 BILLION, DECREASED 2%
- Includes $320 million negative impact related to U.S. tax legislation and other charges (a); which decreased total revenue growth by 8%
- Investment management and performance fees increased 13%
- Investment services fees increased 5%; Asset servicing fees increased 6%
TOTAL EXPENSE OF $3.0 BILLION, INCREASED 14%
- Includes $282 million (pre-tax) for severance, litigation and other charges (a); which increased total expense growth by 11%
FULL-YEAR 2017 EARNINGS OF $3.9 BILLION, OR $3.72 PER COMMON SHARE, AN INCREASE OF 18%
- Total revenue up 2% and total expense up 4%
- Includes impact of U.S. tax legislation, severance, litigation and other charges (a); which decreased revenue growth by 2% and increased expense growth by 3%
- These items increased earnings per share growth by 5%
EXECUTING ON CAPITAL PLAN
- Returned nearly $900 million through share repurchases and dividends and $3.6 billion in full-year 2017
The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) today reported fourth quarter net income applicable to common shareholders of $1.13 billion, or $1.08 per diluted common share. Results for the fourth quarter 2017 include an estimated net benefit related to the Tax Cuts and Jobs Act ("U.S. tax legislation") of $427 million, or $0.41 per common share, and severance, litigation and other charges of $246 million, or $0.24 per common share (a). Net income applicable to common shareholders was $822 million, or $0.77 per diluted common share, in the fourth quarter of 2016, and $983 million, or $0.94 per diluted common share, in the third quarter of 2017.
"Our fourth quarter results were impacted by new tax legislation and actions that we took to strengthen our firm for the longer term. Aside from these items, our results were favorably impacted by strong equity markets and the underlying businesses continued to show modest growth in revenues and profits," Charles W. Scharf, chairman and chief executive officer, said.
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"We saw strength in asset servicing along with growth in collateral management and clearing services – areas where we see continued client demand. Additionally, our investment management business performed well due to an uplift from global equity markets, net inflows and improved investment performance fees, resulting from good investment performance, especially in fixed income," Mr. Scharf continued.
"The actions that resulted in the severance and other charges during the quarter are part of an ongoing review of our performance. We expect this review to be completed by our March 8th Investor Day where we intend to provide a comprehensive update of the review and have a broader discussion about our firm."
"In addition, we have thought how best to use the ongoing benefit from lower taxes and we believe that we have a responsibility to our employees to share the benefit, as well as to invest as much as we intelligently can to build the company for the future so we can serve our clients, communities, and shareholders for the long term. At this point, we are anticipating that the impact of the lower tax rate would be almost entirely offset by actions that we will take to reinvest this benefit in our employees and our business," Mr. Scharf concluded.
| (a) Other charges include an asset impairment and investment securities losses related to the sale of certain securities. |
FOURTH QUARTER 2017 FINANCIAL HIGHLIGHTS
(comparisons are 4Q17 vs. 4Q16, unless otherwise stated)
Earnings
- Reported 4Q earnings of $1.13 billion, or $1.08 per common share, including the estimated impact of U.S. tax legislation and other charges (a).
| Amounts included in 4Q17 results | | | | | | | ||||||
| (dollars in millions, except earnings per share) | Results - GAAP | | U.S. tax legislation | | Other charges | (a) | ||||||
| Fee and other revenue | $ | 2,860 | | | $ | (279) | | | $ | (37) | | |
| Income from consolidated investment management funds | 17 | | | — | | | — | | | |||
| Net interest revenue | 851 | | | (4) | | | — | | | |||
| Total revenue | 3,728 | | | (283) | | | (37) | | | |||
| Provision for credit losses | (6) | | | — | | | — | | | |||
| Total noninterest expense | 3,006 | | | — | | | 282 | | | |||
| Income before taxes | 728 | | | (283) | | | (319) | | | |||
| (Benefit) provision for income taxes | (453) | | | (710) | | | (73) | | | |||
| Net income | $ | 1,181 | | | $ | 427 | | | $ | (246) | | |
| | | | | | | | ||||||
| Diluted earnings per common share | $ | 1.08 | | | $ | 0.41 | | | $ | (0.24) | | |
| | ||||||||||||
| (a) Other charges include severance, litigation, an asset impairment and investment securities losses related to the sale of certain securities. | ||||||||||||
- Total revenue of $3.7 billion, decreased 2%.
- Investment services fees increased 5% reflecting higher money market fees, higher equity market values and termination fees due to lost business recorded in 4Q17.
- Investment management and performance fees increased 13% due to higher equity market values, money market fees, performance fees and the favorable impact of a weaker U.S. dollar. Investment management and performance fees increased 11% on a constant currency basis (Non-GAAP) (b).
- Foreign exchange revenue was unchanged reflecting higher volumes offset by lower volatility.
- Investment and other income decreased reflecting the impact of U.S. tax legislation on our renewable energy investments.
- Net interest revenue increased 2% driven by higher interest rates, offset by lower average deposits and loans as well as the impact of interest rate hedging activities and leasing.
- The provision for credit losses was a credit of $6 million.
- Noninterest expense of $3.0 billion, increased 14% reflecting higher severance, litigation and an asset impairment, as well as higher incentive expense driven by stronger performance and the unfavorable impact of the weaker U.S. dollar.
- Preferred stock dividends of $49 million.
U.S. tax legislation
- U.S. tax legislation increased net income by an estimated $427 million as follows:
| (estimated in millions) | Total revenue | Income taxes | Net income | ||||||
| Remeasurement of net deferred tax liabilities (c) | $ | — | | $ | 1,191 | | $ | 1,191 | |
| Repatriation tax | — | | (723) | | (723) | | |||
| Other items | (4) | | (39) | | (43) | | |||
| Renewable energy investments | (279) | | 281 | | 2 | | |||
| | $ | (283) | | $ | 710 Werbung Mehr Nachrichten zur Bank of New York Mellon Aktie kostenlos abonnieren
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