Asset servicing fees increased 6 percent year-over-year and 2 percent sequentially.
The year-over-year increase primarily reflects higher equity market values, net new business, including growth in collateral management, and the favourable impact of the weaker US dollar.
BNY Mellon’s securities lending revenue for Q4 2017 slightly exceeded the previous year’s quarterly total by $1 million.
The New York-based investment bank reached $45 million last quarter, up from $44 million in Q4 2016.
BNY Mellon cited securities lending, net new business, equity market values and money market fees, as the primary drivers of its growth.
Charles Scharf, chair and CEO of BNY Mellon, said: “Our fourth quarter results were impacted by new tax legislation and actions that we took to strengthen our firm for the longer term.”