Bank of New Mellon's 1Q deposits beat analyst estimates

Mark Kauzlarich/Bloomberg

Bank of New York Mellon reported total deposits for the end of the first quarter that beat analyst estimates, in a sign the bank weathered the turmoil that's engulfed some smaller lenders.
Deposits stood at $281.3 billion, versus the average $277 billion forecast by analysts tracked by Bloomberg. That's higher than the $279 billion at the end of December, but lower than the $345.6 billion a year ago.

"Time and again, BNY Mellon has been a port in the storm for our clients in times of market turmoil," Chief Executive Officer Robin Vince said in a statement Tuesday. "While we will remain vigilant given the heightened uncertainty in the current environment, we are pushing forward with our strategic agenda to reinvigorate underlying growth."

The report from the financial services firm follows an earnings miss by rival State Street Corp., whose stock plunged the most in three years on Monday. The Boston-based company revealed net outflows of $26 billion from its investment products, shocking analysts who predicted $8 billion in inflows.

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BNY Mellon reported net interest revenue of $1.13 billion that surpassed analysts' estimate of $1.07 billion. Total fee revenue was $3.24 billion, missing the $3.3 billion forecast. Provision for credit losses was $27 million, higher than the average estimate of $19.4 million, which it said reflected "changes in the macroeconomic forecast." 

The bank, which had more than $46 trillion of assets under custody or administration at the end of March, launched a crypto custody platform in October that allows some clients to hold and transfer bitcoin and ether. BNY Mellon, along with U.S. Bancorp and State Street, are among the traditional banks that have ventured into the crypto custody space.