almost 13%<\/u><\/a><\/ps-link>, though it has partially recovered since then.<\/p>\nThe combination of uncertainty and stock volatility has created challenges for BNY \u2014 but also opportunities, Vince said.”At times of uncertainty in markets, we’re kind of viewed as a port in a storm,” he said. “And so the uncertainty actually attracts people to our platform, because they see us as this sort of rock of stability.”<\/p>\n
In the first quarter, fee revenue reached $3.4 billion, a 3% increase from last year. Net interest income jumped 11% year-over-year to $1.16 billion.<\/p>\n
BNY’s sale of a Toronto-based trust company also boosted first-quarter revenue. BNY sold the business to the Australian stock transfer company Computershare in March. In the first quarter, BNY said it gained $40 million from the sale.<\/p>\n
Overall, analysts at Truist called it a “good but not outstanding” quarter for BNY.<\/p>\n
“We still like BK stock here for its status as one of the most defensive banks combined with the growth and offense made possible by recent investments,” David Smith, head of consumer lending at Truist, wrote in a research note.<\/p>\n
With roots dating back to 1784, BNY is one of the oldest banks of the world. But in recent years, it’s been betting big on some of the newest financial technologies. In 2022, BNY launched a product<\/u><\/ps-link> offering direct custody of cryptocurrencies, starting with bitcoin.\u00a0<\/p>\nThat product ran into a regulatory roadblock from the Biden-era Securities and Exchange Commission, which required custodians to list crypto assets as a liability<\/u><\/ps-link> on their balance sheets. Under Trump, however, the SEC quickly dropped that rule<\/u><\/ps-link>.<\/p>\nThe reversal, which came less than a week after Trump’s inauguration, was so sudden that it caused some whiplash during a recent interview with one of BNY’s executives. At a conference hosted by UBS in February, Emily Portney, BNY’s head of asset servicing, said the bank was proud to be “one of the very few institutions” that can have custody of digital assets.\u00a0<\/p>\n
That prompted a puzzled reaction from the moderator, UBS analyst Brennan Hawken. “I thought that was against the rules,” Hawken said.<\/p>\n
In the call with reporters on Friday, Vince said crypto regulations are needed to set the “rules of the game,” but the particular rule BNY ran up against, SAB 121, “didn’t make any sense.” The fact that it’s now been rescinded, he said, is helpful to BNY as it continues to provide platforms for digital assets.<\/p>\n
“There have been some impediments to full participation from a regulatory point of view,” Vince said. “We haven’t let that stop us.”<\/p>\n<\/div>\n
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