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Why Is Bank Of New York Mellon Stock Gaining Today?

The Bank Of New York Mellon Corporation (NYSE:BK) shares are trading higher in the premarket session on Friday after it reported second-quarter fiscal 2024 results. The finance behemoth reported second-quarter adjusted earnings per share of $1.51, beating the street view of $1.43. Quarterly revenue of $4.597 billion, an increase of 2% year-over-year, surpassed the analyst consensus of $4.523 billion. Net interest income decreased 6%, primarily reflecting changes in the balance sheet mix, partially offset by higher interest rates. Fee revenue in the quarter under review grew 4% year over year to $3.398 billion. Investment and other revenue increased, reflecting higher client activity in fixed-income and equity trading businesses. Noninterest expense of $3.07 billion ...