BNY Mellon has today logged strong Q1 results, while noting that its wealth management drive is paying off.

Net income at BNY Mellon rose year-on-year to $766 million at end-March 2015, up from $661 million a year earlier and $667 million in the previous quarter.

Total revenue was $3.9 billion – a year-on-year increase of 6 per cent – and the provision for credit losses was $2 million.

Assets under custody or administration of $28.5 trillion rose by 2 per cent, primarily reflecting higher market values and net new business – partially offset by the unfavorable impact of a stronger US dollar.

“In investment management, our investments in the expansion of wealth management are paying off as we extend our brand, expand our presence in high-value US markets, and connect our private banking solutions to Pershing clients,” said Gerald Hassell, chairman and chief executive.

Click here for an interview with BNY Mellon Wealth Management's CEO when the firm announced its strategic expansion in 2013.

Revenue from wealth management rose by 3 per cent to $158 million in Q1 2015 versus $153 million a year ago and is up 1 per cent on the prior quarter.