22 April 2016
New York
Reporter: Drew Nicol

Sec lending revenue saves BNY Mellon’s Q1 results

BNY Mellon’s securities lending revenue reached $50 million in Q1, up from $46 million in the previous quarter.

This year’s first quarterly results also beat the bank’s results from the same time last year, which peaked at $43 million.

Overall, asset servicing fees, which includes securities lending, grew by a modest 1 percent in Q1 2016 from Q4 2015, but remained flat compared to the same time last year.

In its quarterly report, BNY Mellon boasted asset servicing fees of $1 billion so far this year, reflecting net new business and higher securities lending revenue, offset by lower market values.

The report also point the unfavourable impact of a stronger US dollar as another reason for the flat yearly figures.

Clearing services fees contributed $348 million in the first quarter, compared with $342 million the same time last year and $337 million in Q4 2015.

Again, the bank attributed both increases to higher money market fees, partially offset by the impact of lost business.

The quarter-to-quarter increase also reflects higher volumes.

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