Bank of New York Mellon Corp., the world’s biggest custody bank, said second-quarter earnings more than tripled on higher fees for overseeing and managing investor assets.

Net income climbed to $658 million, or 54 cents a share, from $176 million, or 15 cents a share, a year earlier, BNY Mellon said in a statement from New York.
Analysts expected earnings of 55 cents, according to the average of 11 estimates in a Bloomberg survey. Earnings a year ago were hurt by write-downs on securities backed by pools of home loans.
BNY Mellon joins State Street, the third-largest custody bank, in reporting higher profit after a 12 percent gain in the Standard & Poor’s 500 Index of large U.S. stocks in the year through June 30 lifted assets and fees.
Income from lending cash and securities is being squeezed by the Federal Reserve’s decision to keep its main lending rate close to zero since December 2008. That’s also lowered profit from fixed-income and forced firms to waive fees on money-market funds.
(Source: Bloomberg)