Net income at BNY Mellon is down year-on-year but up on the previous quarter, while revenue rose at the firm's wealth management arm.

BNY Mellon has logged $825 million in net income for the second quarter of 2016, down from $830 million a year ago, but up from $804 million in the previous quarter.

Total revenue was $3.8 billion, a decrease of 3 per cent, the US-listed bank said. It posted $0.75 per diluted common share, compared to $0.73 per diluted common share in Q2 2015. 

Wealth management revenue, which is reported within investment management, stood at $160 million at end-June, up 5 per cent on the previous quarter but flat year-on-year. 

“Our success in aggressively controlling expenses and executing on our business improvement process helped sustain earnings momentum in a period of market uncertainty,” said Gerald Hassell, chairman and chief executive. “We continue to believe our distinctive capabilities in areas such as collateral management and liquidity services, middle-office outsourcing and liability-driven investments, as well as our efforts to build a digital enterprise, will drive revenue growth in the future.”

“Our digital transformation is simplifying how clients connect with us and creating services for the future.  We are partnering with third-party developers to create a wider variety of new applications and, through our Innovation Centers, are collaborating with clients to develop scalable, enterprise solutions to meet their evolving needs,” Hassell added.