BNY Mellon Sign
A sign at the BNY Mellon headquarters. Q3 earnings were up on a year-to-year basis Reuters

The Bank of New York Mellon Corporation (NYSE: BK) reported a third quarter net income of $651 million, or $0.53 per common share Wednesday morning, an increase of 4.7 perecent when compared with $622 million, or $0.51 per common share, in the third quarter of 2010. The results were a penny over mean analyst predictions of $0.52 per share.

The rise in income came as the bank was able to manage the volatility in the financial markets over the summer to its favor, posting increases in the income produced by its depositary, asset management and trading verticals that offset the lower income from investments. Total revenue for the quarter was $3.694 billion, up 7.9 percent from the year-ago figure of $3.423.

Assets under administration increased to $25.9 trillion, a spike of 6 percent when compared to the previous year comparable quarter, as customers parked their cash in bank accounts. The influx of new business led to a 10.9 percent increase in the amount the bank collected from investment services fees, which totaled $1.79 billion, up from $1.62 billion a year ago.

Notably the bank said it had seen decreases in its securities lending business. While securities lending is seasonal and traditionally decreases in the third quarter, it also increases during volatile and bearish market conditions, like the ones experience over the past few months.

Shares of Bank of New York Mellon were up being exchanged for $20.32, up $0.55 or 2.78 percent from the previous day's close, in early morning trading at the New York Stock Exchange