Bank of New York Mellon Corp said second-quarter earnings more than tripled as higher stock prices and tighter credit spreads boosted its asset management and custody business.

The U.S. custody bank reported second-quarter profit attributable to shareholders of $658 million, or 54 cents a share, up from $176 million, or 15 cents a share, a year earlier.

Analysts on average expected a profit of 54 cents a share, according to Thomson Reuters I/B/E/S. It could not immediately be confirmed whether that figure compared directly to the 54 cents the company reported.

Revenue climbed 3 percent to $3.3 billion.

Shares of BNY Mellon closed down 10 cents at $25.64 on Monday.

(Reporting by Elinor Comlay; editing by John Wallace)