Bank of New York (BK) Reports In-Line Q4 EPS

Bank of New York (NYSE: BK) reported Q4 EPS of $0.58, in-line with the analyst estimate of $0.58. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.8 billion.

Return on tangible common equity of 20%, or 16% on an adjusted basis, in the fourth quarter and 20%, or 18% on an adjusted basis, in full-year 2014

"Our fourth quarter and full-year results cap solid performance for our shareholders. Throughout 2014, we demonstrated our focus on and commitment to controlling expenses to create positive operating leverage, strengthening our capital position, and creating value for our clients and shareholders. We generated positive operating leverage for the full year - even while absorbing elevated regulatory compliance costs and investing in our business to enhance future growth. Additionally, 79 percent of our earnings were returned to our shareholders in the form of dividends and share repurchases," said Gerald L. Hassell, chairman and chief executive officer of BNY Mellon.

"Our fourth quarter results also reflect our strong expense discipline and continuing efforts to drive efficiency. On the revenue front, we were particularly pleased with the strong fourth-quarter performance in clearing services and global collateral services, where we have been focused on broadening our unique suite of solutions for clients," added Mr. Hassell.

"As we look ahead, we remain confident in our ability to execute our strategic priorities, which include increasing revenue, maintaining a strong capital position and delivering value-added solutions to our clients. We also continue to focus on leveraging technology and operations innovations to drive continuous improvement in productivity and service quality while reducing costs and risk throughout the organization," continued Mr. Hassell.

"I want to thank our employees around the world for their relentless efforts to deliver the solutions, expertise and value that the world's most sophisticated investors rely on to achieve their investment objectives," concluded Mr. Hassell.

For earnings history and earnings-related data on Bank of New York (BK) click here.

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