BNY Mellon reports Q1 adjusted EPS $1.29, consensus $1.19

Reports Q1 revenue $4.53B, consensus $4.39B. Reports Q1 tangible book value per share $25.44. Reports Q1 CET1 capital ratio 10.8%. The bank said, “BNY Mellon is off to an encouraging start for the year, with a solid financial performance, and all our businesses building on their momentum from last year. In the first quarter, we delivered double-digit EPS growth as well as pre-tax margin and ROTCE expansion on the back of positive operating leverage. Total revenue of $4.5 billion was up 3% year-over-year, as 8% growth in investment services fees led by strength in Asset Servicing, Issuer Services and Clearance and Collateral Management more than offset revenue headwinds from muted volatility in foreign exchange markets and lower net interest income. We are starting to see our growth initiatives deliver results. Running our company better, inclusive of our focus on platforms, is enabling us to improve profitability and invest in our future. Our performance this quarter provides a glimpse of BNY Mellon’s potential to deliver more for our clients. While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us.”