"While we continued to benefit from the positive impact of higher interest rates and equity markets, albeit at a more modest pace than last quarter, we again saw some underlying franchise growth. Overall, the company remains strong, with some areas performing better than others," Charles W. Scharf, chairman and chief executive officer, said.
"We saw pockets of strength, in Investment Services, especially where we have differentiated capabilities such as clearance, collateral management, tri-party repo and liquidity services. Investment Management growth moderated as we saw some softness across the board in our asset flows," Mr. Scharf continued.
"We remain disciplined and focused on deploying our resources. Currency translation and real estate costs impacted expense growth by 2 percent and, despite an increase in our investment in technology, all other expenses were up modestly," Mr. Scharf added.
"Following the release of our CCAR results, we are now authorized to repurchase $2.4 billion in common shares by mid-2019, and we increased our common dividend 17 percent starting this quarter. While we were not surprised by the outcome given the severity of the assumptions in this years test, our expectations for returning capital to shareholders over time have not changed," Mr. Scharf also noted.
"We remain focused on driving organic growth across our businesses. The opportunities in our new business pipeline are encouraging. We are confident that we are taking the right actions to realize them and expect the results to build over time," Mr. Scharf concluded.
BNY Mellon Reports Second Quarter 2018 Earnings of $1.06 Billion or $1.03 Per Common Share | BNY Mellon
