Net income at BNY Mellon rose in the first quarter of this year compared to a year ago, although wealth management profit decreased both year-on-year and sequentially.

BNY Mellon has logged $804 million in net income for the first quarter of 2016, up from $766 million in the same period a year ago.

The US-listed bank posted $0.73 per diluted common share, compared to $0.67 per diluted common share in Q1 2015. 

Wealth management revenue, however, which is reported within investment management, stood at $152 million, down 4 per cent year-on-year and down 2 per cent sequentially.

“In challenging market conditions, we generated solid earnings growth as we executed on our strategic priorities. First quarter earnings per share grew by 9 per cent year over year and we generated approximately 250 basis points of positive operating leverage while improving our operating margin to 31 percent,” said Gerald Hassell, chairman and chief executive.

“We are intently focused on enhancing the client experience and driving further efficiencies. Our business improvement process has enabled funding for important strategic investments for regulatory compliance and risk management excellence, technology and servicing platform improvements and the delivery of new solutions for our clients,” Hassell said.