Bank of New York Mellon Corp., the world’s largest custody bank, said third-quarter earnings climbed a bigger-than-estimated 11 percent as rising stock prices helped expand customer assets.

Net income increased to $720 million, or 61 cents a share, from $651 million, or 53 cents, a year earlier, the New York- based bank said today in a statement. Analysts had expected the New York-based company to report a profit of 54 cents a share, according to the average of 16 estimates in a Bloomberg survey.

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