Irish arm of BNY Mellon sees after-tax profits near double despite €10m Central Bank settlement

The bank's settlement of €10.78m with the Central Bank marked the largest monetary penalty imposed on a Fund Service Provider in Ireland

Turnover for the year rose by 9%, increasing to $285.4m (€260.6m) last year, with the group noting a "satisfactory" level of business and year end financial position. 

The Irish arm of the world's largest custodian bank, BNY Mellon, saw after-tax profits almost double last year despite rising costs, increasing to $21.97m (€20.1m) in 2022. 

Up from $11.6m (€10.59m) in the previous year, BNY Mellon said its performance was primarily driven by "growth in Transfer pricing income" earned from the bank's group entities, which offset rising market data costs and technology allocations, as well as a regulatory sanction from the Central Bank of Ireland exceeding €10m.