It took BNY 240 years to pass $50 trillion in assets under custody and administration, reaching 52.1 trillion as of September 30, according to it’s quarterly report out today, and by doing so became the first bank to cross the milestone. Boston-based State Street is in second as of last quarter with $44.3 trillion under custody and administration, and is unlikely to pass the milestone on Tuesday when its next quarterly report comes out.
But of course, it’s the ability to monetize those assets that matters most. The New York-based bank also reported earnings per share of $1.50, up 22% year-over-year, generated a record $3.4 billion in fees, up from $3.2 billion in Q3 of last year, and had a net income of $1.1 billion, a 16% increase over last year.
