Mubasher: Bank of New York Mellon Corp on Thursday reported a 1% increase in revenues, reaching $4.07 billion during the third quarter of 2018, down from analysts’ expectations at $4.15 billion.

Year-on-year, the US-based bank’s net income also levelled up 3%, compared to $ 1.08 billion the year-ago period, according to an official statement.

On the other hand, the American lender’s sales declined during Q3-18 after borrowings, foreign currency, and deposits tumbled.

Assets under management rose to $1.8 trillion, while assets under custody and administration grew 7%, reaching $34.5 trillion in the three-month period ended September.

Bank of New York Mellon Corp’s noninterest expenses rose 3% to $2.7 billion led by technology investments.