Bank of New York (NYSE: BK) reported Q1 EPS of $1.10, $0.14 better than the analyst estimate of $0.96. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.04 billion.

"We delivered strong financial results this quarter, with earnings per common share up 33 percent. Earnings grew by 23 percent, excluding the impact of a lower tax rate and our continued capital return through buybacks, each of which contributed approximately 5 percent. Strong equity markets and higher interest rates were important drivers and, while we should remain beneficiaries of strong and growing markets over the long term, we are focused on continuing to increase our organic revenue growth," Charles W. Scharf, chairman and chief executive officer, said.

"Importantly, we saw franchise growth in several parts of the company, including foreign exchange trading, tri-party repo activity, collateral management, securities lending and liquidity services. Average deposit levels were up 6 percent, assets under custody and administration grew 9 percent to a record level, our assets under management saw solid inflows in actively managed strategies, securities on loan increased 39 percent and average long-term mutual fund balances at Pershing increased 12 percent," Mr. Scharf continued.

"While increasing revenue growth and investing significantly in our technology platform remain strategic priorities, we continue to be disciplined across our total expense base and saw minimal growth in total expenses after adjusting for foreign exchange," Mr. Scharf concluded.

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