The Bank Of New York Mellon Corporation ( BK ) shares are trading higher in the premarket session on Tuesday.

The finance behemoth reported first-quarter adjusted earnings per share of $1.29, beating the street view of $1.19.

Quarterly revenue of $4.527 billion outpaced the analyst consensus of $4.388 billion.

“In the first quarter, we delivered double-digit EPS growth as well as pre-tax margin and ROTCE expansion on the back of positive operating leverage,” said President and Chief Executive Officer Robin Vince. 

Net interest income decreased 8%, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates. 

Total fee revenue in the quarter under review grew 5% year over year to $3.305 billion, while net interest income fell 8% to $1.04 billion.

Investment and other revenue increased in the quarter, primarily reflecting higher investment, other trading and seed capital results. 

Noninterest expense of $3.2 billion increased 2% in the quarter under review, or 1% excluding notable items.

Provision for credit losses in the quarter under review totaled $27 million, primarily driven by reserve increases related to commercial real estate exposure.

The Bank Of New York Mellon ( BK ) reported average deposits of $279 billion, increasing 2% year over year and 2% sequentially.

The company said that the first-quarter tier 1 leverage ratio of 5.9% increased eight bps year over year and decreased seven bps sequentially. Pre-tax operating margin totaled 29% (or 30%, excluding notable items).

Dividend: The company declared a quarterly common stock dividend of $0.42 per share, payable on May 9, 2024.

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Price Action: BK shares are trading higher by 2% to $56.19 premarket on the last check Tuesday.