(Reuters) -BNY beat third-quarter profit estimates on Friday, boosted by higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time.

BNY Mellon beat third-quarter profit estimates, driven by assets under custody and administration surpassing $50 trillion for the first time. The market rally and new client acquisitions boosted investment services fees,

The Bank Of New York Mellon Corporation (NYSE:BK) shares are trading higher in the premarket session on Friday after its third-quarter results. The finance behemoth reported third-quarter adjusted earnings per share of $1.

Bank of New York Mellon (BK), also known as BNY, turned Q3 earnings that topped the Wall Street consensus as fee revenue climbed 5% Y/Y and net interest income rose 3% Y/Y..

The nation’s oldest bank has been aided by a surge in asset values around the world. The S&P 500 Index, for instance, has risen more than 20% since the start of the year alone.

Analysts at Equisights and Wells Fargo Securities both have BNY stock listed as a hold, according to S&P Capital IQ data. Despite the record quarter one Morningstar analyst marked BNY as an under performer, with a target price of $63.00.

BNY's profit jumped 16% in the third quarter on higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time, the world's largest custodian bank said on Friday.