BNY's profit jumps on fee growth

(Reuters) -BNY reported a 21% jump in third-quarter profit on Thursday, as soaring equity markets boosted the value of its client assets, helping the world’s largest custodian bank earn more in fees. BNY’s assets under custody and administration rose 11% in the quarter ended Sept. 30 to $57.8 trillion from a year earlier.

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The Wall Street bank said the rise reflected higher market values and client inflows. Its total revenue jumped 9% to a record $5.08 billion in the quarter. Net interest income (NII) – the spread between earnings from assets and costs on liabilities – also rose 18%, smashing analysts expectations of 12.6% growth, according to estimates compiled by LSEG. (Reporting by Ateev Bhandari in Bengaluru; Editing by Anil D’Silva) (The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)