Bank of New York Mellon profit rises

The Bank of New York Mellon Corp. announced first quarter net income of $749 million, or 65 cents per share.

BNY Mellon (NYSE:BK), created last July through the merger of The Bank of New York Co. and Mellon Financial Corp., Pittsburgh, would have had first quarter 2007 income of $437 million, 61 cents per share.

CEO Robert Kelly said in a statement that the businesses are "performing well in a tough environment."

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Revenue for the three-month period came in at $3.75 billion, up from $1.9 billion a year ago.

The mean estimate of analysts polled by Thomson Financial was for earnings of 73 cents a share on revenue of $3.88 billion.

The asset servicing and clearing businesses garnered new accounts and lower market values impacted BNY Mellon's sasset management business, Kelly said.

BNY Mellon said its Pittsburgh-area employment grew by 183 in the first quarter of 2008, and it has grown by 482 since Jan. 1, 2007.