January 18, 2018 / 11:47 AM / 7 months ago

BNY Mellon profit rises 37 pct on tax gain

Jan 18 (Reuters) - Bank of New York Mellon Corp reported a 37 percent rise in fourth-quarter profit on Thursday, benefiting from the federal tax overhaul.

BNY Mellon, the world’s largest custodian bank, said net income applicable to common shareholders rose to $1.13 billion, or $1.08 per share, in the quarter ended Dec. 31, from $822 million, or 77 cents per share, a year earlier.

The company recorded an estimated net benefit of $427 million from the U.S. tax legislation passed in December.

Net interest revenue rose 2.4 percent to $851 million, while non-interest expenses rose 14.25 percent to $3 billion.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur

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