BNY Mellon has today reported its first quarter 2020 profits. The highlights are as follows.

Total revenue of US$4.1 billion, increased 5 percent

Fee revenue increased 10 percent

Net interest revenue decreased 3 percent

Provision for credit losses of $169 million

Total non-interest expense of $2.7 billion, increased slightly

Continued investments in technology

Investment Services

Total revenue increased 9 percent

Income before taxes increased 13 percent

AUC/A of $35.2 trillion, increased 2 percent

Investment Management

Total revenue decreased 4 percent

Income before taxes decreased 27 percent

AUM of $1.8 trillion, decreased 2 percent

Said Todd Gibbons, Chief Executive Officer: "Throughout the coronavirus crisis, we remain focused on the health and wellbeing of our people, providing continuity of service to our clients and maintaining our balance sheet so we are able to assist our clients.

"Despite the unprecedented global market disruption, we have stayed fully operational, demonstrating our resiliency and our commitment and capacity to support our clients when they need us most.

"Our fee revenue increased 10 percent as we experienced elevated transaction volumes and heightened volatility in March. Looking ahead, we and our clients face continued market and economic uncertainty.

"While it is too early to predict the impact, our business model is financially resilient. We plan to maintain our conservative risk profile, strong capital and high-quality, liquid balance sheet, which will position us to withstand severe stress and to support our clients."

"While looking ahead to drive improved performance and capabilities and ensure BNY Mellon remains a great place to work, in the immediate term we are focused on being there for our clients.

"Our team's efforts on this front have been exceptional. I have been incredibly gratified by the feedback from clients, who see our people going above and beyond to deliver great service.

"I want to thank our clients for their ongoing partnership and thank our employees around the globe for their exceptional dedication and professionalism. I am confident in our ability to weather this adversity and to carry forward that energy into advancing our growth agenda as the world recovers," he concluded.

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BNY Mellon has today reported its first quarter 2020 profits. The highlights are as follows.

Total revenue of US$4.1 billion, increased 5 percent

Fee revenue increased 10 percent

Net interest revenue decreased 3 percent

Provision for credit losses of $169 million

Total non-interest expense of $2.7 billion, increased slightly

Continued investments in technology

Investment Services

Total revenue increased 9 percent

Income before taxes increased 13 percent

AUC/A of $35.2 trillion, increased 2 percent

Investment Management

Total revenue decreased 4 percent

Income before taxes decreased 27 percent

AUM of $1.8 trillion, decreased 2 percent

Said Todd Gibbons, Chief Executive Officer: "Throughout the coronavirus crisis, we remain focused on the health and wellbeing of our people, providing continuity of service to our clients and maintaining our balance sheet so we are able to assist our clients.

"Despite the unprecedented global market disruption, we have stayed fully operational, demonstrating our resiliency and our commitment and capacity to support our clients when they need us most.

"Our fee revenue increased 10 percent as we experienced elevated transaction volumes and heightened volatility in March. Looking ahead, we and our clients face continued market and economic uncertainty.

"While it is too early to predict the impact, our business model is financially resilient. We plan to maintain our conservative risk profile, strong capital and high-quality, liquid balance sheet, which will position us to withstand severe stress and to support our clients."

"While looking ahead to drive improved performance and capabilities and ensure BNY Mellon remains a great place to work, in the immediate term we are focused on being there for our clients.

"Our team's efforts on this front have been exceptional. I have been incredibly gratified by the feedback from clients, who see our people going above and beyond to deliver great service.

"I want to thank our clients for their ongoing partnership and thank our employees around the globe for their exceptional dedication and professionalism. I am confident in our ability to weather this adversity and to carry forward that energy into advancing our growth agenda as the world recovers," he concluded.