Bank of New York (BK) Tops Q1 EPS by 5c

Bank of New York (NYSE: BK) reported Q1 EPS of $0.73, $0.05 better than the analyst estimate of $0.68. Revenue for the quarter came in at $3.74 billion versus the consensus estimate of $3.73 billion.

• Net interest revenue increased 5% and fee and other revenue decreased 1%
• Total noninterest expense decreased 3% on a reported and adjusted basis

"In challenging market conditions, we generated solid earnings growth as we executed on our strategic priorities. First quarter earnings per share grew by 9 percent year over year and we generated approximately 250 basis points of positive operating leverage while improving our operating margin to 31 percent," Gerald L. Hassell, chairman and chief executive officer, said.

"We are intently focused on enhancing the client experience and driving further efficiencies. Our business improvement process has enabled funding for important strategic investments for regulatory compliance and risk management excellence, technology and servicing platform improvements and the delivery of new solutions for our clients," Mr. Hassell added.

"We are confident that we are on the right track to achieve our Investor Day targets, delivering value to our clients and our shareholders," Mr. Hassell concluded.

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

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