Bank of New York Co.
Industry: Money Center Banks

The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc.

Business Summary
The Bank of New York Company, Inc. is engaged in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company's core competencies are securities servicing, treasury management, investment management, and individual and regional banking services. Its principal subsidiary is The Bank of New York. The Company's products and services include advisory and asset management services to support the investment decision; extensive trade execution, clearance and settlement capabilities; custody, securities lending, accounting and administrative services for investment portfolios, and sophisticated risk and performance measurement tools for analyzing portfolios. It also provides services for issuers of both equity and debt securities. The Company operates in four business segments: Servicing and Fiduciary, Corporate Banking, Retail Banking and Financial Markets.

Financial Summary
For the nine months ended 30 September 2005, The Bank of New York's interest income rose 44% to $2.4B. Net interest income after loan loss provision rose 29% to $1.41B. Net income for the period rose 7% to $1.17B. Net interest income reflects an increase in interest earning assets, partially offset by higher deposit costs. Higher net income was partially offset by higher salaries and employee benefits.