The Bank of New York Mellon (or BNY Mellon) (BK) is scheduled to report its third-quarter earnings on October 20, 2016, before the markets open. Its earnings in the second quarter were hurt from low interest rates and global uncertainty.
The Brexit vote in June slightly boosted second-quarter profits, but the low-interest-rate environment continued to hamper the custody bank in many segments of its business.
Wall Street banks (XLF) such as Wells Fargo (WFC), Citigroup (C), Bank of America (BAC), and JPMorgan (JPM) expect third-quarter earnings to be better than the previous quarter. Trading revenues are expected to rise as market sentiments turn positive over improving economic fundamentals.
According to consensus data accumulated by Bloomberg, net revenues for BNY Mellon are expected to be $3.9 billion in 3Q16. That’s 1.0% higher year-over-year and 2.0% higher than 2Q16.
Net income is expected to be $870 million for the quarter, which is 6.0% higher than 3Q15. EPS (earnings per share) is expected to be $0.81 in 3Q16. Last year, the bank reported adjusted EPS of $0.74.