Bank of New York Reports In-Line Q1 Results

Bank of New York (NYSE:BK) reported its Q1 earnings results, with EPS coming in at $1.12 and revenue at $4.4 billion, both in line with the Street estimates.

According to the analysts at RBC Capital, the company has benefited from the rise in Fed Funds as it has posted double-digit net interest income (NII) growth. Moreover, two-thirds of its deposit base is operational accounts for institutional clients and sticky in nature.

Also, as a result of being the plumber to the global financial system, the company manages over $1.3 trillion of cash and other short-term investment options on behalf of its clients.

Analysts revised their 2023 and 2024 EPS estimates to $4.85 and $5.15 from $4.61 and $4.87 due to higher-than-expected net interest income and lower expenses, partially offset by lower fee revenue growth.