Bank of New York Co.’s profit more than tripled in the latest quarter, as the improving stock market and an acquisition helped results.<\/p>\n
The bank Wednesday posted fourth-quarter profit of $307 million, or 40 cents a share, up sharply from the previous year’s $100 million, or 14 cents a share.<\/p>\n
Included in the latest quarter was an after-tax benefit of $31 million resulting from its merger with Credit Suisse First Boston’s Pershing stock-processing unit.<\/p>\n
Excluding items, earnings came in at 44 cents a share and matched the projected earnings forecast, on average, in a Thomson First Call survey of analysts.<\/p>\n
The previous year’s results included a $125 million charge on aircraft leases to bankrupt United Airlines.<\/p>\n
Net-interest income – a measure of lending profit – rose 1.2 percent to $418 million from $413 million.<\/p>\n
The company’s security-servicing business, its largest in terms of revenue, posted record fees of $684 million in the quarter, up 4 percent, from the third quarter and 41 percent from a year earlier. Growth was credited to the Pershing deal, global custody, funds and depositary receipts.<\/p>\n
At the next-largest division, private-client services and asset management, fees rose to $103 million, up 6.1 percent from the third quarter and 17 percent from a year earlier. Improvements in the U.S. stock market and strength in Ivy Asset Management, a fund-of-funds hedge-fund manager, were credited for the gains.<\/p>\n
For all of 2003, the company reported net income of $1.2 billion, or $1.52 a share, compared with $902 million, or $1.24 a share, in 2002.<\/p>\n
Earnings for 2003 were $1.67 a share, excluding nonoperating charges of 8 cents a share for Pershing-related merger and integration costs and 7 cents a share for settlement costs with GMAC related to the company’s sale of its factoring business in 1999. First Call’s earnings projection was $1.68 per share.<\/p>\n
Bank of New York shares were at $33.47 in early trading Wednesday, down 83 cents, or 2.4 percent, on the New York Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bank of New York Co.’s profit more than tripled in the latest quarter, as the improving stock market and an acquisition helped results. The bank Wednesday posted fourth-quarter profit of $307 million, or 40 cents a share, up sharply from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2190","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/2190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=2190"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/2190\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=2190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=2190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=2190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}